Egitto 6.875% 30.04.2040 ISIN XS0505478684

[pietro17elettra]

Egypt private sector activity extends contraction in May as inflation weighs-PMI
Oggi 06:19 - RSF
CAIRO, June 5 (Reuters) - Non-oil private sector activity in Egypt contracted for an 18th month in May as the Ukraine crisis, import restrictions and a devalued currency put pressure on prices, a survey showed on Sunday.

The S&P Global Egypt Purchasing Managers' Index strengthened to 47.0 from April's 46.9, but still remained below the 50.0 threshold that separates growth from contraction.

"Rising price pressures continued to weigh on client spending," S&P Global said. "Input cost inflation quickened to the highest in six months amid rising global commodity prices, a stronger US dollar and the banning of a number of imported goods."
"Subsequently, businesses reduced their input purchases and staffing levels, while the outlook for future activity weakened to its second-lowest in the series history," it added.

The import ban on certain products caused supply shortages for several firms and a new requirement for letters of credit for importing many goods resulted in increased customs delays, S&P Global said.

Headline inflation rose to 13.1% in April from 10.5% in March. (news)

The sub-index for overall input prices jumped to 62.1 from 58.3 in April and that for purchase costs rose to 62.3 from 58.8.

"Non-oil business conditions in Egypt remained pinned down by rapid inflationary pressures in May, as survey panellists indicated that rising market prices led to a sharp drop-off in demand and a further increase in business expenses," said S&P Global economist David Owen.

Output and new orders in May extended a months-long contraction, with the output index, at 45.0, worsening from April's 45.3 and the index for new orders dropping to 44.6 from 45.3.

The sub-index for future output expectations declined to 55.2, its second lowest reading since the survey first included the category 10 years ago. The index was at 57.7 in April.

(Reporting by Patrick Werr; Editing by Toby Chopra)
(([email protected])

 

[pietro17elettra]

Egypt may postpone sovereign sukuk issue to its new fiscal year - Sky News Arabia
Oggi 12:18 - RSF
June 12 (Reuters) - Egypt may postpone the issuance of its first sovereign sukuk till its new fiscal year due to turmoil in global markets, Abu Dhabi-based Sky News Arabia TV reported on Sunday citing Finance Minister Mohamed Maiit.

Egypt's fiscal year runs from July 1 to June 30.



(Reporting by Moataz Mohamed, Editing by Catherine Evans)
(([email protected])

 

[pietro17elettra]

High oil, wheat prices to burden Egypt with over $10 bln -finance minister
Oggi 16:13 - RSF
June 12 (Reuters) - Oil prices staying at $122 per barrel will cost the Egyptian budget $7.2 billion, Finance Minister Mohamed Maiit told CNBC Arabia on Sunday.

Maiit said that higher global wheat prices and pressure on the Egyptian pound would burden the government with an additional $3 billion, CNBC reported.

Egypt has been suffering from a shortage of foreign currency since the coronavirus pandemic chased away many tourists, international portfolio investors withdrew funds and the Ukrainian crisis pushed up commodity import prices.




(Reporting by Omar Fahmy, Writing by Nayera Abdallah, Editing by Catherine Evans)
(([email protected])

 

[pietro17elettra]

EU proposes natural gas import deal with Egypt and Israel - document
09/06/2022 13:00 - RSF
* Brussels proposes draft memorandum of understanding
* Deal aims to boost gas imports from Eastern Med via Egypt
* Agreement not binding, expected to be valid for nine years

By Francesco Guarascio
BRUSSELS, June 9 (Reuters) - The European Commission has proposed a deal to EU member states with Egypt and Israel to boost imports of natural gas from the eastern Mediterranean, according to a draft document seen by Reuters dated June 7.

The draft memorandum of understanding, which is still subject to changes and needs approval from the governments involved, is part of European Union efforts to reduce fossil fuel imports from Russia following the war in Ukraine.

"The natural gas to be shipped to the European Union will originate either from the Arab Republic of Egypt, the State of Israel, or any other source in the East Mediterranean region, including EU Member States in the region," the nine page document said.

The EU has said publicly it intends to conclude a trilateral agreement with Egypt and Israel before the summer, but the details in the June 7 draft are not public.

EU Commission President Ursula von der Leyen is due to visit Cairo next week.

The European Commission declined to comment on the draft agreement, or whether von der Leyen's trip could be when the memorandum of understanding is signed.

The draft deal establishes the principles for enhanced cooperation between the three partners but does not say how much gas the EU would import nor set any timelines for deliveries.

The document said shipments would include the use of liquefied natural gas (LNG) infrastructure in Egypt, noting the North African country's plan to become a regional hub for natural gas.

The memorandum of understanding would run for nine years from its signature, the document says, although that part is still in brackets, a sign that there is a higher chance it could be changed than other paragraphs.


EU FUNDING
Egypt already exports relatively small amounts of gas to the EU, and both countries are expecting to ramp up production and exports in the coming years.

The Egyptian government was not immediately available for comment on the draft agreement.

Egypt exported 8.9 billion cubic metres (bcm) of LNG last year and 4.7 bcm in the first five months of 2022, according to Refinitiv Eikon data, though the majority goes to Asia.

Israel is on track in the next few years to double gas output to about 40 bcm a year as it expands projects and brings new fields online, industry officials say. Israel has said it hopes to reach a deal to supply gas to Europe and is also considering building a pipeline to export more gas to Egypt.

The EU imported 155 bcm of gas from Russia last year, accounting for about 40% of the bloc's overall consumption.

Under the draft agreement, Egypt would be able to purchase some of the gas being transported to the EU or other countries via Egyptian infrastructure, the document said, adding that Egypt could use it for its own consumption or for export.

The parties "will work collaboratively to set forth the appropriate ways and means for implementing the purpose of this memorandum of understanding in order to expedite the export of natural gas to the EU," the document said.

The deal does not introduce any binding legal or financial obligation on the signatories, the document said.

Under the plan, the EU could fund new infrastructure if it is in line with its commitment to discourage all further investments into fossil fuel infrastructure projects in third countries, "unless they are fully consistent with an ambitious, clearly defined pathway towards climate neutrality".

Funds could also be provided to develop technologies for emissions reduction and natural gas decarbonisation.

The partners will engage to reduce methane leaks from gas infrastructure, examine new technologies for reducing venting and flaring, and explore possibilities for using captured methane throughout the entire supply chain, the draft said.

(Reporting by Francesco Guarascio @fraguarascio; Additional reporting by Kate Abnett, Susanna Twidale and Sarah El Safty; Editing by David Clarke)
(([email protected])

 

[pietro17elettra]

Egypt repays $24 billion to cover foreign debt, departing investors
09/06/2022 13:17 - RSF
CAIRO, June 9 (Reuters) - Egypt paid $24 billion in the first five months of 2022 to service foreign debts and to cover foreign investors withdrawing funds from the country, Egypt's state news agency MENA reported on Wednesday.

Of the amount, $10 billion went to service foreign debt and another $14 billion to foreign investment funds, it quoted an unnamed central bank official as saying.

Higher interest rates, a weak currency and broader investor wariness of emerging markets have been pushing up the government's cost of borrowing. Egypt has projected a $30 billion budget deficit for the financial year that will start in July. (news)

Foreigners investing in Egyptian treasuries denominated in the local currency had been leaving Egypt even before U.S.

Federal Reserve rate hikes that started in March and Russia's invasion of Ukraine.

Egyptian media last month quoted Prime Minister Moustafa Madbouly as saying $20 billion had left the country through the end of April.

(Reporting by Patrick Werr; Editing by Toby Chopra)
(([email protected])

 

[pietro17elettra]

UPDATE 1-EU, Israel and Egypt sign deal to boost East Med gas exports to Europe
Oggi 11:02 - RSF
(Adds detail)
By Sarah El Safty and Ari Rabinovitch
CAIRO/JERUSALEM, June 15 (Reuters) - Israel and Egypt will aim to boost natural gas exports to Europe under a memorandum of understanding (MoU) signed on Wednesday as the continent looks to replace Russian energy imports.

The framework deal signed with the European Union (EU) will be the first to allow "significant" exports of Israeli gas to Europe, Israel's energy ministry said.

Under the agreement, the EU will encourage European companies to participate in Israeli and Egyptian exploration tenders, the ministry said.

Some Israeli gas is already sent by pipeline to liquefaction plants on Egypt's Mediterranean coast, from where it is re-exported as liquefied natural gas (LNG).

Officials say they expect shipments of LNG from Egypt to Europe to increase under the agreement, though they have said it would likely take a couple of years before the exports can be significantly expanded.

Egypt is also a gas producer, but its exports have been limited by rising domestic demand.

"Today Egypt and Israel make a commitment to share our natural gas with Europe and to help with the energy crisis," Israeli Energy Minister Karine Elharrar said after the signing of the MoU in Cairo.
The agreement recognises that natural gas will have a central role in the EU's energy market until 2030.

Following that, the use of natural gas is expected to decline in line with its commitment becoming a zero-emission economy by 2050.

 

[m.m.f]

Il Cairo, 21 giu 19:26 - (Agenzia Nova) - La Camera dei rappresentanti egiziana ha approvato il bilancio generale dello Stato per il prossimo anno fiscale che prenderà il via il prossimo primo luglio, con un deficit di 558 miliardi di sterline (29,76 miliardi di dollari) pari al 6,1 per cento. Le spese del nuovo bilancio si sono attestate intorno ai 2.000 miliardi di sterline (106 miliardi di dollari), mentre le entrate a 1.500 miliardi (80 miliardi di dollari). Per quanto riguarda le uscite pubbliche il bilancio include: 355,9 miliardi di sterline egiziane (18,9 miliardi di dollari) per sussidi, sovvenzioni e benefici sociali; 400 miliardi di sterline egiziane (21,3 miliardi di dollari) per i salari dei dipendenti pubblici; 376,49 miliardi di sterline (20 miliardi di dollari) per investimenti; 125,6 miliardi di sterline (6,7 miliardi di dollari)) per l'acquisto di beni e servizi; 122,7 miliardi di sterline (6,5 miliardi di dollari) per altre spese.

 

[demox000]

Egypt Interest Rate Unchanged to Weigh Effects of Recent Hikes

ByMirette Magdy+Follow

4-5 minutes


Egypt’s central bank surprised most economists by leaving interest rates unchanged on Thursday, saying it can do little about external shocks to prices a month after delivering its biggest hike in nearly half a decade.
The Monetary Policy Committee maintained the deposit rate at 11.25% and the lending rate at 12.25%, a decision predicted by only three of 13 analysts surveyed by Bloomberg. While its move in May was more hawkish than expected, the central bank now appears content to wait out what it called “transitory deviations” of inflation from target.

“The MPC treats the developments stemming from the Russo-Ukrainian conflict to be among the exogenous shocks that are outside the scope of monetary policy,” it said in a statement.
The central bank reiterated that the elevated pace of price increases “will be temporarily tolerated” relative to its target of 7%, plus or minus two percentage points, on average in the fourth quarter. Annual inflation was above 13% in April and May, meaning both Egyptian policy rates are negative when adjusted for prices.

Central banks around the world are in a rush to curb inflation that’s accelerated to levels unseen in decades, fueled in part by higher energy costs and supply shocks from the war in Europe. After initially describing big price increases as “transitory,” policy makers in major economies like the US now regret using the label since inflation momentum is proving more lasting.
War Fallout
Egypt’s decision is a surprise because a devaluation of the pound in March is adding to the pressures, with a spike in food and fuel prices already sending inflation to its highest level in three years.

The Arab world’s most populous nation enacted a cumulative 300 basis points of hikes since March as it grappled with the economic fallout of Russia’s invasion of Ukraine.
“While we agree that inflationary pressures are largely exogenous and transient, emanating as they do from the devaluation of the Egyptian pound and higher global food prices, we had been expecting further tightening in monetary policy to lean against pressures building on the currency,” said Farouk Soussa, an economist at Goldman Sachs Group Inc. in London.

Policy makers said on Thursday they’ll be weighing the effect of their recent rate increases on inflation expectations and other developments across the economy over the medium term.
The approach may temper concern over the effect of rising rates on debt-servicing costs for what’s already one of the Middle East’s most indebted nations -- an issue Finance Minister Mohamed Maait addressed in an interview this week.
Egypt still needs to win back foreign investor interest in its local debt after rising consumer prices eroded what had been among the world’s highest rates when inflation is taken into account. Overseas portfolio investors have pulled an estimated $20 billion from the domestic market this year.
Relief has come from Egypt’s Gulf allies, who’ve pledged more than $22 billion in deposits and investments in recent months. Authorities have promised to set new policies on government ownership to encourage more participation by private-sector investors. There are also talks with the International Monetary Fund for possible support.
“Egypt’s central bank has not fully shut the door on further rate hikes this year, but the bar has definitely been set higher,” said Gergely Urmossy, emerging-market strategist at Societe Generale.
— With assistance by Harumi Ichikura, Tarek El-Tablawy, Salma El Wardany, and Abdel Latif Wahba
(Updates with comments from central bank, analyst starting in third paragraph)

 

[pietro17elettra]

Egypt can no longer depend on hot money for budget: finance minister
27/06/2022 23:06 - RSF
* Egypt faced sharp outflows as Ukraine war began
* Now eyeing Gulf investment, concessional borrowing
* Could issue more samurai bonds, or panda bonds

By Patrick Werr
CAIRO, June 27 (Reuters) - Egypt's finance minister said on Monday the government could no longer depend on foreign purchases of treasuries to finance its budget, but must work to boost foreign direct investment (FDI) instead.

"The lesson we have learned (is that) you cannot depend on this type of investment. It is coming just to get high yields, and once there is a shock it leaves the country," Maait told the American Chamber of Commerce.

"In four years I have worked (through) three shocks from this hot money," Maait said.

Some $15 billion left the country during the 2018 emerging market crisis and close to $20 billion left at the outbreak of COVID-19 in 2020, he said.

Egypt faced a similar crisis this year when Russia invaded Ukraine and the United States began to hike interest rates. That sparked a portfolio investment outflow estimated at $20 billion.

"We have to depend on FDI," said Maait. "We have to depend on improving our environment for investment. We have to depend on increasing private sector participation."
Egypt has long had some of the highest real interest rates globally but held rates steady last week. Maait said a surge in inflation to 13.5% had turned real rates negative. (news)

Higher global interest rates, a weak currency and investor wariness of emerging markets suggest Egypt will struggle to finance a projected $30 billion budget deficit for the financial year starting July 1. (news)

"We have a plan. Number one, we are in talks with many investors in the Gulf and others, and we have assets. The second is concessional borrowing, maybe from international banks, European, World Bank, African Development Bank," Maait said.

Although a sharp drop in Ukrainian and Russian visitors has dealt Egypt a blow, Maait said tourism was rebounding and gas exports were more profitable. Egypt would also look to non-traditional funding such as a repeat of samurai bonds it sold in Japan in March, he said. (news)

"I can go again. Now I'm talking with the Chinese to issue a panda (bond). It's very cheap."

(Reporting by Patrick Werr; Editing by Aidan Lewis and Richard Pullin)
(([email protected])

 

[m.m.f]

Egypt can no longer depend on hot money for budget: finance minister
27/06/2022 23:06 - RSF
* Egypt faced sharp outflows as Ukraine war began
* Now eyeing Gulf investment, concessional borrowing
* Could issue more samurai bonds, or panda bonds

By Patrick Werr
CAIRO, June 27 (Reuters) - Egypt's finance minister said on Monday the government could no longer depend on foreign purchases of treasuries to finance its budget, but must work to boost foreign direct investment (FDI) instead.

"The lesson we have learned (is that) you cannot depend on this type of investment. It is coming just to get high yields, and once there is a shock it leaves the country," Maait told the American Chamber of Commerce.

"In four years I have worked (through) three shocks from this hot money," Maait said.

Some $15 billion left the country during the 2018 emerging market crisis and close to $20 billion left at the outbreak of COVID-19 in 2020, he said.

Egypt faced a similar crisis this year when Russia invaded Ukraine and the United States began to hike interest rates. That sparked a portfolio investment outflow estimated at $20 billion.

"We have to depend on FDI," said Maait. "We have to depend on improving our environment for investment. We have to depend on increasing private sector participation."
Egypt has long had some of the highest real interest rates globally but held rates steady last week. Maait said a surge in inflation to 13.5% had turned real rates negative. (news)

Higher global interest rates, a weak currency and investor wariness of emerging markets suggest Egypt will struggle to finance a projected $30 billion budget deficit for the financial year starting July 1. (news)

"We have a plan. Number one, we are in talks with many investors in the Gulf and others, and we have assets. The second is concessional borrowing, maybe from international banks, European, World Bank, African Development Bank," Maait said.

Although a sharp drop in Ukrainian and Russian visitors has dealt Egypt a blow, Maait said tourism was rebounding and gas exports were more profitable. Egypt would also look to non-traditional funding such as a repeat of samurai bonds it sold in Japan in March, he said. (news)

"I can go again. Now I'm talking with the Chinese to issue a panda (bond). It's very cheap."

(Reporting by Patrick Werr; Editing by Aidan Lewis and Richard Pullin)
(([email protected])

...io non so cosa ci cavano a questo giro dal FMI ma sono con le spalle al muro.RIFORME A 360 gradi o ristrutturazione.E,la smetteranno anche di bruciare soldi in progetti stupidi ridicoli e inutili.