Moody’s affirmed Egypt’s B3 rating with a stable outlook, saying the IMF’s review of the country’s economic reform program is credit positive in a report released on Thursday (paywall). “Reforms are showing positive results, particularly the foreign exchange rate liberalisation in November 2016, which helped reduce balance-of-payment pressures from large current-account deficits and support the sovereign’s external liquidity position,” the report reads. Moody’s says the state’s budget deficit will shrink to 3% of GDP by the end of 2020, with exports expected to rise over the coming period. The agency also expects the government’s fiscal deficit to narrow gradually to 9.5% of GDP by the end of the current fiscal year, down from 11% during the last fiscal year, and forecasts the debt to GDP ratio to reach 86.5%, down from 95%.

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