Egitto 6.875% 30.04.2040 ISIN XS0505478684

pietro17elettra ha scritto:
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];))
Clicca per allargare...
la colpa é degli investitori esteri, non delle spese pazze, la prossima mossa potrebbe essere di costruire nuove piramidi per abbassare il tasso di disoccupazione e rilanciare il turismo
 
angy2008 ha scritto:
la colpa é degli investitori esteri, non delle spese pazze, la prossima mossa potrebbe essere di costruire nuove piramidi per abbassare il tasso di disoccupazione e rilanciare il turismo
Clicca per allargare...

Come no.... spendono bene.... spazio ai privati zero, tutto in mano ai militari, miliardi per una centrale nucleare per produrre energia elettrica, per cosa e per chi non si sa. L'egitto ha gia sovraproduzione di energia elettrica.
Trasferimento della capitale costoso inutile e, soprattutto in questo periodo dal 2020 ci sarebbero altre priorita.
Investimenti in estrazione oil al minimo, costretti a importarlo.
Mi sono letto dei tomi sul egitto.
Gli investitori esteri se non investono evidentemente notano criticita e, ce ne sono da vendere.
 
Now Egypt Emerges as Major Supplier of Fuel Oil to Saudi Arabia
  • Saudi fuel oil imports soar in June, notably from Egypt
  • Russian fuel oil arrivals in Egypt surging to multiyear high
By
Prejula Prem,
Bill Lehane, and
Salma El Wardany
29 giugno 2022 13:32 CEST
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First Estonia, now Egypt: the countries emerging as surprisingly large suppliers of fuel oil to Saudi Arabia gets longer.
This month, the kingdom will take 3.2 million barrels of the power-station fuel from the northeast African country, the highest in at least six years, according to Vortexa Ltd. data compiled by Bloomberg. For its part, Egypt’s own imports of the product from Russia are set to soar to 1.8 million barrels, the most since at least 2016.
The sudden surge in Egyptian inflows and outflows bears the hallmarks of at least some Russian-origin fuel going to Saudi Arabia. It follows a similar hike in deliveries to the world’s largest crude exporter from Estonia, a nation that has no oil refinery.

“It appears that increasing volumes of Russian fuel oil are making their way to Saudi Arabia via Egypt,” said Jonathan Leitch, an oil market analyst at Turner, Mason & Co.

Saudi Surge
Saudi's fuel oil imports hit 19-month high in June driven by Egyptian flows



Source: Vortexa data compiled by Bloomberg

Data observed for this month till June 28

The Russian cargoes are heading to the Egyptian Red Sea terminal of Ain Sukhna, where Aramco Trading Co. has storage. From there, the fuel oil is being shipped across the sea to multiple ports in western Saudi Arabia.
Saudi Arabia’s energy ministry referred questions on the flows to Aramco Trading, which declined to comment. Officials at Egyptian General Petroleum Corporation didn’t respond to requests to comment.


Overall deliveries to the kingdom of the power-generation and shipping fuel are expected to climb to about 9 million barrels in June, the highest since November 2020, according to industry and Vortexa data compiled by Bloomberg. That means Egypt accounts for more than a third of them.
Supply Deals
Demand for fuel oil soars in the Middle East summer as some of the hottest weather on Earth lifts power generation for air conditioning. Saudi Arabia’s imports gained by 86% month-on-month in June, making it the third biggest buyer of fuel oil this month, behind Singapore and the US.
“Saudi Arabia has indeed been ramping up imports of Russian fuel oils as there are no sanctions preventing this from happening,” said Peter La Cour an oil-products analyst at Energy Aspects Ltd. “Russian fuel oil is the cheapest barrel available to fuel Saudi summer power generation demand and makes economic sense.”
Most but not all of what’s passing through Egypt to Saudi Arabia will be from Russia, he said, adding that Egypt exported to Saudi before the invasion, and the two countries had various supply deals in place.
For its part, Russia needs to find buyers for those crude and refined products shunned by the US and several European countries following President Vladamir Putin’s invasion of Ukraine in late February.

“The most likely place this high sulfur fuel oil is coming from is indeed Russia,” said Andon Pavlov, lead analyst for dirty products and refining at data analytics firm Kpler.
— With assistance by Julian Lee
 
Egypt Scoops Up Wheat Supplies with Supersized Tender
By
Megan Durisin and
Abdel Latif Wahba
30 giugno 2022 00:23 CEST



Egypt booked the most wheat in a tender in at least a decade, taking advantage of a recent price slump to bolster stockpiles as Russia’s invasion of Ukraine disrupts global supplies.
The country’s state-run buyer bought 815,000 tons on Wednesday, the largest single purchase since at least 2012, data compiled by Bloomberg show. Other nations like Saudi Arabia and Algeria have also snapped up wheat in recent days. France was the largest supplier in Egypt’s tender, a change from before the war when sales early in the season tended to be dominated by Black Sea crops.

The purchases follow a recent slump across grain futures, as commodities were dragged down by the recessionary worries hanging over financial markets. Chicago wheat has retreated more than 30% from a record reached in the wake of Russia’s invasion of Ukraine.

Still, wheat trade has been heavily disrupted by the war and prices remain historically high, which is straining importers’ budgets. Egypt’s supply minister said it aims to cut back imports by eking out more subsidized bread from its grain.
Egypt’s tender was also unusual in that it sought wheat over a three-month span, rather than a few weeks like usual, stretching out the sales. The country ultimately booked supply for August, September and the first half of October, according to traders who asked not to be identified. Cargoes from the European Union -- Romania, France and Bulgaria -- accounted for the bulk at 640,000 tons, and Russia sold 175,000 tons.
 
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