{"id":558197,"date":"2021-08-01T04:25:14","date_gmt":"2021-08-01T04:25:14","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/01\/moodys-still-likes-egypt-sees-economy-growing-5-5-this-year\/"},"modified":"2021-08-01T04:25:14","modified_gmt":"2021-08-01T04:25:14","slug":"moodys-still-likes-egypt-sees-economy-growing-5-5-this-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/01\/moodys-still-likes-egypt-sees-economy-growing-5-5-this-year\/","title":{"rendered":"Moody\u2019s still likes Egypt, sees economy growing 5.5% this year"},"content":{"rendered":"

<\/a> Moody\u2019s<\/a><\/strong> has affirmed Egypt\u2019s credit rating at B2 with a stable outlook<\/strong> that balances the country\u2019s \u201csignificant shock exposure\u201d with our track record of successfully weathering volatility, the ratings agency said <\/sup>in its latest review of Egypt\u2019s credit rating on Thursday.<\/p>\n

The rationale<\/strong>: The country\u2019s \u201cvolatile financing conditions,\u201d due to \u201cvery weak\u201d debt affordability and rising gross borrowing requirements, are balanced out by \u201cimproving shock resilience\u201d backed by the state\u2019s economic and fiscal reforms, the ratings agency said. Also working in our favor are Egypt's broad funding base, growth of FX reserves and narrowing budget deficit<\/a>, which provide a shield against future capital outflows, boost export competitiveness and increase state revenues.<\/p>\n

FX liquidity is likely to remain a buffer<\/strong>: FX reserves are expected to \u201cremain sufficient to fully cover annual external debt service requirements accruing over the next three years,\u201d Moody\u2019s said. The IMF earlier expected foreign reserves to continue to rise and hitUSD 44.1 bn by the end of the current fiscal year<\/a>, before surpassing pre-pandemic levels in FY2022-2023.<\/p>\n

Moody\u2019s expects the Egyptian economy to grow at a 5.5% clip during the current fiscal year,<\/strong> slightly higher than the 5.4% targeted by the government<\/a> and the IMF\u2019s forecast (pdf)<\/a> for 5.2% growth.<\/p>\n

And debt-to-GDP is expected to fall further:<\/strong> The country's public debt is expected to fall to 84% of GDP in FY2023-2024. Public debt already dropped to 90.6% of GDP in FY2020-2021 and the government expects this trend to continue during the current fiscal year, with debt falling to 89.5% of GDP<\/a> by the end of June 2022.<\/p>\n

The recovery of FX reserves means that Egypt now has a better buffer<\/strong> against large capital outflows, but it remains exposed to liquidity and external financing shocks. Egypt has one of the weakest debt positions in the world when measured by interest \/ revenue and interest \/ GDP, while its susceptibility to funding shocks is made worse by its high gross borrowing needs, which now amount to some 35% of GDP. Egypt\u2019s large banking sector mitigates funding risks though, thanks to the Finance Ministry\u2019s shift to longer tenor debt<\/a>, which has lengthened from 1.3 years<\/a> before June 2017 to 3.45 years as of June 2021.<\/p>\n","protected":false},"excerpt":{"rendered":"

Moody\u2019s has affirmed Egypt\u2019s credit rating at B2 with a stable outlook that balances the country\u2019s \u201csignificant shock exposure\u201d with our track record of successfully weathering volatility, the ratings agency said in its latest review of Egypt\u2019s credit rating on Thursday. The rationale: The country\u2019s \u201cvolatile financing conditions,\u201d due to \u201cvery weak\u201d debt affordability and […]<\/p>\n","protected":false},"author":1,"featured_media":558198,"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":[7106,104,72,655,1324],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-558197","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-debt","tag-economy","tag-enterpriseam","tag-foreign-reserves","tag-moodys","wpautop","entry"],"acf":{"mongo_id":"9b97d253-b453-4e76-b1b9-77277cb703e0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/8\/31.jpg","photo_position":"above","related_issue":[558191],"teaser":"","voice_url":""},"yoast_head":"\nMoody\u2019s still likes Egypt, sees economy growing 5.5% this year - 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\/2021\/08\/01\/moodys-still-likes-egypt-sees-economy-growing-5-5-this-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Moody\u2019s still likes Egypt, sees economy growing 5.5% this year\" \/>\n<meta property=\"og:description\" content=\"Moody\u2019s has affirmed Egypt\u2019s credit rating at B2 with a stable outlook that balances the country\u2019s \u201csignificant shock exposure\u201d with our track record of successfully weathering volatility, the ratings agency said in its latest review of Egypt\u2019s credit rating on Thursday. 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The agency said that the country\u2019s ongoing commitment to reform will gradually improve the government\u2019s fiscal position and stimulate economic growth. Stronger state finances, together\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/5\/127.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":616680,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/10\/moodys-upgrades-egypts-outlook-to-positive\/","url_meta":{"origin":558197,"position":1},"title":"Moody\u2019s upgrades Egypt\u2019s outlook to positive","author":"enterpriseam admin","date":"10 March 2024","format":false,"excerpt":"Moody\u2019s expects the FX liquidity from the Ras El Hekma agreement to close the external funding gap until FY 2025-2026","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\/2024\/3\/734.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570911,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/22\/egypts-reforms-could-shield-the-economy-from-covid-19-shocks-moodys\/","url_meta":{"origin":558197,"position":2},"title":"Egypt\u2019s reforms could shield the economy from covid-19 shocks -Moody\u2019s","author":"enterpriseam admin","date":"22 April 2020","format":false,"excerpt":"Egypt\u2019s reforms could shield the economy from covid-19 shocks -Moody\u2019s: Egypt\u2019s track record of economic reform commitment and strong FX reserves are expected to shield its credit rating from shocks caused by the covid-19 pandemic, Moody\u2019s said in a credit opinion last week (pdf). The ratings agency says remaining committed\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":607972,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/12\/it-was-expected-moodys-downgrades-credit-rating-of-five-local-banks\/","url_meta":{"origin":558197,"position":3},"title":"It was expected: Moody\u2019s downgrades credit rating of five local banks","author":"enterpriseam admin","date":"12 October 2023","format":false,"excerpt":"The move follows the agency\u2019s decision to downgrade Egypt\u2019s sovereign credit rating to Caa1 last week","rel":"","context":"In "Banking"","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/10\/619.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":616925,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/13\/moodys-upgrades-five-local-banks-credit-rating-outlook-to-positive\/","url_meta":{"origin":558197,"position":4},"title":"Moody\u2019s upgrades five local banks\u2019 credit rating outlook to positive","author":"enterpriseam admin","date":"13 March 2024","format":false,"excerpt":"Moody\u2019s cited the FX liquidity from the Ras El Hekma agreement in addition to recent reforms","rel":"","context":"In "Banking"","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1076.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":607637,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/08\/moodys-downgrades-egypts-sovereign-credit-rating-on-rising-debt-fears\/","url_meta":{"origin":558197,"position":5},"title":"Moody\u2019s downgrades Egypt\u2019s sovereign credit rating on rising debt fears","author":"enterpriseam admin","date":"8 October 2023","format":false,"excerpt":"The rating agency downgraded the rating to Caa1 with a stable outlook, four notches above default","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\/10\/362.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\/558197","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=558197"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/558197\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/558191"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/558198"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=558197"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=558197"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=558197"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=558197"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=558197"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}