{"id":550299,"date":"2022-10-23T03:36:05","date_gmt":"2022-10-23T03:36:05","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/23\/sp-global-affirms-egypts-rating-amid-imf-gcc-support\/"},"modified":"2022-10-23T03:36:05","modified_gmt":"2022-10-23T03:36:05","slug":"sp-global-affirms-egypts-rating-amid-imf-gcc-support","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/23\/sp-global-affirms-egypts-rating-amid-imf-gcc-support\/","title":{"rendered":"S&P Global affirms Egypt\u2019s rating amid IMF, GCC support"},"content":{"rendered":"

S&P Global Ratings has affirmed Egypt\u2019s B credit rating with a stable <\/strong>outlook <\/strong>on the back of expectations that fresh financial support from the IMF and the GCC will help us meet our \u201clarge\u201d external funding needs. The ratings agency believes that the Madbouly government\u2019s track record of reform and the country\u2019s strong growth outlook will mean that Egypt will be able to count on lenders to meet its foreign funding needs for FY 2022-2023, which total around USD 18 bn.<\/p>\n

FDI to provide the bulk of foreign currency:<\/strong> S&P says that Egypt will receive almost USD 10 bn of foreign direct investment during the current fiscal year, up from USD 8.9 bn<\/a> last year.<\/p>\n

International lenders to provide up to USD 6 bn:<\/strong> The rating agency expects the upcoming IMF package to be in the range of USD 2-3 bn<\/strong>, while another USD 2-3 bn could be raised from the international bond market.<\/p>\n

That USD 2 bn shortfall? That\u2019s where the GCC could come in. <\/strong>S&P thinks that GCC countries will pledge more funds to cover any funding gaps \u201cgiven [Egypt\u2019s] track record, the reduced funding needs, and the importance of stability in Egypt to the region as a whole.\u201d The UAE, Saudi Arabia and Qatar have together pledged some USD 22 bn to Egypt since the start of the war in Ukraine, though USD 6 bn in FDI is yet to enter the country, the rating agency wrote.<\/p>\n

Exchange rate flexibility \u2014 a key condition for the IMF agreement \u2014 will help \u201cabsorb the impact of future external shocks on the economy,\u201d <\/strong>the rating agency wrote. Enterprise readers are using an average figure of EGP 22.12<\/a> to the greenback in their 2023 budgets, while business leaders told Goldman Sachs they see the EGP settling<\/a> somewhere between 22-24. The EGP has lost a little more than a quarter of its value against the greenback this year.<\/p>\n

The economy will grow at an average of 4.0% over the next two to three years, <\/strong>the ratings agency says, with the construction and energy sectors driving growth, alongside structural reforms and increased reliance on investments, exports, and private sector-led growth.<\/p>\n

REMEMBER- The government wants to more than double the private sector\u2019s role in the economy<\/strong> to 65% over the next three years, and attract USD 40 bn in investment by 2026.<\/p>\n

Current account deficit to narrow to 3.0% in FY 2022-2023: <\/strong>\u201cWe expect import prices to moderate, while export volumes and remittances from Egyptians living abroad remain robust,\u201d S&P Global writes, adding that tourism arrivals could improve on the back of COP27 and the Grand Egyptian Museum\u2019s inauguration slated for later this year. The current account deficit narrowed to 3.7%<\/a> in FY 2021-2022, buoyed by oil and non-oil exports, rising tourism receipts, and a jump in FDI.<\/p>\n

Government spending to rise, budget deficit to remain at 6.0% over the next three years: <\/strong>The ratings agency sees the budget deficit hovering around 6.0% until FY 2024-2025, as government spending on subsidies, social benefits, capital investments and salaries rises. Our budget deficit narrowed to 6.1%<\/a> in FY 2021-2022.<\/p>\n

CBE\u2019s move to hike reserve ratio gets thumbs up:<\/strong> The Central Bank of Egypt\u2019s move to increase bank reserve ratios<\/a> to 18% from 14% \u201cshould help manage inflation expectations and limit capital flight, to some extent, by increasing real returns on the government\u2019s local currency debt,\u201d the ratings agency said.<\/p>\n

Maait welcomes the outlook: S&P\u2019s outlook is a sign of the economy\u2019s stability and<\/strong> its ability to handle external shocks, Finance Minister Mohamed Maait said in a statement<\/a>.<\/p>\n

CLARIFICATION- An earlier version of this story said that S&P Global Ratings had affirmed Egypt\u2019s credit ratings as BB. This referred to the agency\u2019s separate foreign and local-currency ratings. <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

S&P Global Ratings has affirmed Egypt\u2019s B credit rating with a stable outlook on the back of expectations that fresh financial support from the IMF and the GCC will help us meet our \u201clarge\u201d external funding needs. The ratings agency believes that the Madbouly government\u2019s track record of reform and the country\u2019s strong growth outlook […]<\/p>\n","protected":false},"author":1,"featured_media":550300,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7206],"tags":[799,104,1419,72,272,182,1631],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-550299","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-credit-rating","tag-economy","tag-egp","tag-enterpriseam","tag-imf","tag-inflation","tag-sp-global-ratings","wpautop","entry"],"acf":{"mongo_id":"b5fe81db-11c1-4885-b6f9-f8473ba459b3","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/10\/298.jpg","photo_position":"above","related_issue":[550294],"teaser":"","voice_url":""},"yoast_head":"\nS&P Global affirms Egypt\u2019s rating amid IMF, GCC support - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/23\/sp-global-affirms-egypts-rating-amid-imf-gcc-support\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"S&P Global affirms Egypt\u2019s rating amid IMF, GCC support\" \/>\n<meta property=\"og:description\" content=\"S&P Global Ratings has affirmed Egypt\u2019s B credit rating with a stable outlook on the back of expectations that fresh financial support from the IMF and the GCC will help us meet our \u201clarge\u201d external funding needs. 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The rating agency believes that Egypt will be able to rely on lenders to satisfy its FX\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/474.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":585586,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/26\/sp-global-ratings-lowers-egypts-debt-outlook\/","url_meta":{"origin":550299,"position":1},"title":"S&P Global Ratings lowers Egypt\u2019s debt outlook","author":"enterpriseam admin","date":"26 April 2023","format":false,"excerpt":"S&P + IMF + World Bank want to see progress in our policy implementation","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/786.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577097,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/09\/fitch-cuts-outlook-on-egypt-to-negative-affirms-b-rating\/","url_meta":{"origin":550299,"position":2},"title":"Fitch cuts outlook on Egypt to negative, affirms B+ rating","author":"enterpriseam admin","date":"9 November 2022","format":false,"excerpt":"Fitch Ratings has cut its outlook on Egyptian debt from \u201cstable\u201d to \u201cnegative\u201d due to \u201cdeterioration\u201d in the country\u2019s external liquidity position, it said yesterday. The rating agency maintained Egypt\u2019s B+ rating on robust economic growth and \u201cstrong international support\u201d from Gulf allies and multilateral partners but warned that it\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/154.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581328,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/08\/moodys-downgrades-egypts-credit-rating-for-first-time-since-2013\/","url_meta":{"origin":550299,"position":3},"title":"Moody\u2019s downgrades Egypt\u2019s credit rating for first time since 2013","author":"enterpriseam admin","date":"8 February 2023","format":false,"excerpt":"Due to reduced external buffers and shock absorption capacity","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/EGP-1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":586113,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/07\/fitch-ratings-downgrades-our-credit-rating-for-the-first-time-since-2013\/","url_meta":{"origin":550299,"position":4},"title":"Fitch Ratings downgrades our credit rating for the first time since 2013","author":"enterpriseam admin","date":"7 May 2023","format":false,"excerpt":"Medium-term debt sustainability at risk","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/273.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546046,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/sp-fitch-ratings-affirm-credit-rating-at-bb-b-say-outlook-stable-despite-russia-ukraine-war\/","url_meta":{"origin":550299,"position":5},"title":"S&P, Fitch ratings affirm credit rating at BB, B+, say outlook stable despite Russia-Ukraine war","author":"enterpriseam admin","date":"26 April 2022","format":false,"excerpt":"S&P and Fitch Ratings have both affirmed Egypt\u2019s BB and B+ credit ratings with a stable outlook, despite surging food and energy prices caused by the war in Ukraine putting pressure on the country\u2019s finances, the two ratings agencies said last week (here and here). The agencies attributed their affirmed\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/351.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/550299","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=550299"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/550299\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/550294"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/550300"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=550299"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=550299"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=550299"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=550299"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=550299"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}