Cairo – Mubasher: Egypt’s foreign reserves are forecast to rise on issuing $3 billion denominated bonds by the mid of January, said Prime in a research note on Sunday.
The government will further receive the second $500 million tranche of a $1.5 billion loan, along with $600 million from the Group of 7 (G7), the research firm added.
The firm expects Egypt to pay off $2.4 – 2.7 billion debts this month, of which $720 million will be allocated for the Paris Club, in addition to $100 million dues paid monthly to global oil firms.
During 2017-2019, the government will likely clear $3.6 billion that international oil companies are expecting to collect on equal installments and EGP 700-900 million accounts of oil imports.
The firm believes that nothing else justifies the rise of FX reserve, but the second tranche of IMF $12 billion loan, receivable in January 2017, according to the Central Bank of Egypt.
Meanwhile, the $0.2 billion increase is attributed to the previous channels, including the sale of 4G licenses, the issuance of dollar and Euro denominated bills, and repurchase agreements, Prime concluded.
