Egypt: Impact on GRA Finances
(in millions of SDR unless otherwise noted)
|As of 5/1/2020|
|Current one-year Forward Commitment Capacity (FCC) 1/||191,892.2|
|Impact of the RFI approval on the FCC 2/||-2,037.1|
|(in percent of current one-year FCC)||-1.1|
|Fund GRA credit outstanding to Egypt 3/||10,633.7|
|In percent of current precautionary balances||63.7|
|In percent of total GRA credit outstanding||14.0|
|Fund GRA credit outstanding to top five borrowers|
|In percent of total GRA credit outstanding||77.4|
|In percent of total GRA credit outstanding including Egypt’s RFI purchase||78.0|
|Egypt’s annual GRA charges in percent of Fund’s residual burden sharing capacity for 2020/21||2,345|
|Fund’s precautionary balances (end-FY2020)||16,700|
|Fund’s residual burden-sharing capacity 4/||10.6|
The FCC is defined as the Fund’s stock of usable resources less undrawn balances under existing arrangements, plus projected repurchases during the coming 12 months, less repayments of borrowing due one year forward, less a prudential balance. The FCC does not include resources under the New Arrangements to Borrow or the 2016 Bilateral Borrowings Agreements.
A single country’s negative impact on the FCC is defined as the country’s sum of Fund credit and undrawn commitments minus repurchases one-year forward.
Projected credit outstanding for Egypt at approval of the proposed RFI, which amounts to the sum of purchase under the RFI and credit outstanding under the 2016 EFF arrangement.
Burden-sharing capacity is calculated based on the floor for remuneration which, under current policies, is 85 percent of the SDR interest rate. Residual burden-sharing capacity is equal to the total burden-sharing capacity minus the portion being utilized to offset deferred charges.