{"id":570238,"date":"2020-03-24T04:16:33","date_gmt":"2020-03-24T04:16:33","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/24\/strong-fx-reserves-fiscal-reform-to-mitigate-short-term-headwinds-on-egypts-external-account-fitch-ratings\/"},"modified":"2020-03-24T04:16:33","modified_gmt":"2020-03-24T04:16:33","slug":"strong-fx-reserves-fiscal-reform-to-mitigate-short-term-headwinds-on-egypts-external-account-fitch-ratings","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/24\/strong-fx-reserves-fiscal-reform-to-mitigate-short-term-headwinds-on-egypts-external-account-fitch-ratings\/","title":{"rendered":"Strong FX reserves, fiscal reform to mitigate short-term headwinds on Egypt\u2019s external account -Fitch Ratings"},"content":{"rendered":"

<\/a> Strong FX reserves, fiscal reform to mitigate short-term headwinds on Egypt\u2019s <\/strong>external account -Fitch Ratings:<\/strong> Strong international reserves and the government\u2019s fiscal reforms will help to mitigate the impact of the covid-19 shock on Egypt\u2019s credit position, but the fallout will nonetheless have a significant impact on the country\u2019s GDP growth, external finances and fiscal position and will likely result in \u201csubstantial\u201d portfolio outflows from EGP-denominated bonds, Fitch Ratings said yesterday. The ratings agency said the country\u2019s USD 45.5 bn in international reserves and USD 7 bn in foreign-currency deposits should enable Egypt to weather capital outflows over a short-term period, but warned that they may be \u201crapidly eroded\u201d if outflows persist.<\/p>\n

Fiscal conservatism gives way to stimulus:<\/strong> \u201cWe expect the government\u2019s fiscal consolidation efforts to falter in the near term, given weaker economic growth and revenue collection,\u201d Fitch said. \u201cWe feel the [EGP 100 bn in fiscal stimulus measures] are modest, mostly temporary, and fairly easily reversible, but will add to pressures on the public finances.\u201d<\/p>\n

Egypt may be able to turn to the IMF if times get tough:<\/strong> Egypt\u2019s successful completion of its IMF reform programme may allow it to access emergency funds from the international lender if its credit position becomes critical, Fitch said.<\/p>\n

enterprise<\/p>\n

Meanwhile, Moody\u2019s says Egypt is \u201cparticularly vulnerable\u201d to outflows:<\/strong> Egypt is among a group of countries that are \u201cparticularly vulnerable to a lasting and sharp tightening in financing conditions,\u201d Moody\u2019s has said in a report. The surge in risk-off sentiment among investors that has followed the covid-19 outbreak and the collapse in oil prices will put the creditworthiness of countries dependent on external financing under increasing pressure the longer it persists, the ratings agency said.<\/p>\n

Egypt\u2019s comparatively high foreign reserves means it is less vulnerable than other <\/strong>emerging markets to a sudden stop in capital flows<\/strong>, it said, but we\u2019re also among the most reliant on external borrowing, topped only by Lebanon and Pakistan. This has caused the country\u2019s credit spreads to widen noticeably, with the monthly bond spread as measured by the EM Bond Index<\/a> up more than 300 bps in March from its 2019 average.<\/p>\n","protected":false},"excerpt":{"rendered":"

Strong FX reserves, fiscal reform to mitigate short-term headwinds on Egypt\u2019s external account -Fitch Ratings: Strong international reserves and the government\u2019s fiscal reforms will help to mitigate the impact of the covid-19 shock on Egypt\u2019s credit position, but the fallout will nonetheless have a significant impact on the country\u2019s GDP growth, external finances and fiscal […]<\/p>\n","protected":false},"author":1,"featured_media":570239,"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":[8572],"tags":[102,4844,107,4842,7106,72,4843,905,2234,348,125,1324,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-570238","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-capital-markets","tag-capital-outflows","tag-covid-19","tag-credit-rating-agencies","tag-debt","tag-enterpriseam","tag-external-accounts","tag-fitch-ratings","tag-foreign-exchange","tag-gdp","tag-investment-watch","tag-moodys","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"b4f59818-72ba-4512-8c3e-7d8b4e35a159","is_powered_by":true,"section_story_id":"8e4599c6-df5d-41fe-8401-aa0fa06a0891","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/3\/270.jpg","photo_position":"above","related_issue":[570228],"teaser":"","voice_url":""},"yoast_head":"\nStrong FX reserves, fiscal reform to mitigate short-term headwinds on Egypt\u2019s external account -Fitch Ratings - 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The agency said that Egypt\u2019s rating affirmation is supported by \u201ca recent track record of economic and fiscal reforms, and improvements to macroeconomic stability and external finances.\u201d On the flipside, Egypt\u2019s \u201cstill large fiscal\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\/178.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":564979,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/10\/fitch-gives-long-term-fx-debt-outlook-a-%f0%9f%91%8d\/","url_meta":{"origin":570238,"position":1},"title":"Fitch gives long-term FX debt outlook a ?","author":"enterpriseam admin","date":"10 March 2021","format":false,"excerpt":"Fitch Ratings affirmed Egypt\u2019s long-term FX issuer default rating at \u2018B+\u2019 with a \u2018stable\u2019 outlook. The outlook is supported by the country\u2019s track record of fiscal and economic reforms, which authorities continued to enact, and a large economy, \u201cwhich has demonstrated stability and resilience through the global health crisis,\u201d the\u2026","rel":"","context":"In "SPEED ROUND: MACRO"","block_context":{"text":"SPEED ROUND: MACRO","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-macro\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/440.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":570238,"position":2},"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":571557,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/17\/egypts-fresh-imf-support-packages-will-help-boost-investor-confidence-portfolio-inflows-fitch\/","url_meta":{"origin":570238,"position":3},"title":"Egypt\u2019s fresh IMF support packages will help boost investor confidence, portfolio inflows -Fitch","author":"enterpriseam admin","date":"17 May 2020","format":false,"excerpt":"Fresh funding from the IMF will help boost investor confidence in Egypt as portfolio outflows from emerging markets begin to reverse, Fitch Ratings said on Thursday. The government received last week a USD 2.8 bn rapid financing instrument (RFI) and is looking for as much as USD 5.5 bn under\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\/170.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578949,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/19\/fitch-ratings-is-positive-on-imf-agreement-egp-float-but\/","url_meta":{"origin":570238,"position":4},"title":"Fitch Ratings is positive on IMF agreement, EGP float, but\u2026","author":"enterpriseam admin","date":"19 January 2023","format":false,"excerpt":"IMF pact, EGP flexibility get the thumbs up from Fitch: Our USD 3 bn loan agreement with the IMF and the move to a permanently flexible exchange rate regime have garnered praise in a note from Fitch Ratings. The catch: Our sovereign debt remains at risk of a downgrade if\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\/327.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572966,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/15\/egyptian-banks-fx-liquidity-still-vulnerable-as-recovery-from-covid-19-sell-off-will-take-longer-than-2018-em-zombie-apocalypse-fitch\/","url_meta":{"origin":570238,"position":5},"title":"Egyptian banks\u2019 FX liquidity \u201cstill vulnerable\u201d as recovery from covid-19 sell-off will take longer than 2018 EM Zombie Apocalypse -Fitch","author":"enterpriseam admin","date":"15 July 2020","format":false,"excerpt":"Egyptian banks\u2019 FX liquidity \u201cstill vulnerable\u201d \u2014 it\u2019s going to take longer to recover from the covid-19 sell-off than from the 2018 EM Zombie Apocalypse -Fitch: The capital outflows Egypt sustained over the past several months as a result of the fallout from the covid-19 pandemic was \u201cmore severe\u201d and\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\/7\/112.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\/570238","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=570238"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/570238\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/570228"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/570239"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=570238"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=570238"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=570238"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=570238"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=570238"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}