{"id":579160,"date":"2023-01-29T04:07:29","date_gmt":"2023-01-29T04:07:29","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/29\/sp-global-affirms-egypts-rating-on-exchange-rate-flexibility-amid-imf-gcc-support\/"},"modified":"2023-01-29T04:07:29","modified_gmt":"2023-01-29T04:07:29","slug":"sp-global-affirms-egypts-rating-on-exchange-rate-flexibility-amid-imf-gcc-support","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/29\/sp-global-affirms-egypts-rating-on-exchange-rate-flexibility-amid-imf-gcc-support\/","title":{"rendered":"S&P Global affirms Egypt\u2019s rating on exchange rate flexibility amid IMF, GCC support"},"content":{"rendered":"

<\/a> S&P Global Ratings has affirmed Egypt\u2019s B credit rating with a stable <\/strong>outlook, saying it expects fresh financial support from the IMF and the GCC will help us meet our external funding needs. The rating agency believes that Egypt will be able to rely on lenders to satisfy its FX needs \u2014 sitting at roughly USD 17 bn for FY 2022-2023 \u2014 thanks to the Madbouly government\u2019s commitment to reform and the country\u2019s solid growth prospects. The stable outlook also assumes that inflation will progressively subside and that the Central Bank of Egypt will remain committed to maintaining a flexible exchange rate.<\/p>\n

FDI is expected to do the heavy lifting: <\/strong>The majority of the country\u2019s foreign currency inflows will come through FDI, according to S&P, which estimates that Egypt will pull in close to USD 10 bn in FDI during the current fiscal year, up from USD 8.9 bn the year before. This is in addition to USD 6 bn in fresh external borrowing. The rating agency breaks our FX financing requirement down to USD 13 bn in current account deficit and USD 4 bn in sovereign debt principal payments.<\/p>\n

Injections of more than USD 13.7 bn to cover our external funding gap: <\/strong>The rating agency anticipates that gross government external borrowing will amount to USD 10 bn during FY 2022-2023 with the bulk coming from multilateral and bilateral lenders. By the end of June, we are expected to have secured USD 3.7 bn in net external loans from the international bond market, including Eurobonds. S&P expects our GCC allies to cover the remainder in our external gap. The UAE, Saudi Arabia and Qatar have together pledged more than USD 22 bn<\/a> to help us weather the implications of the war in Ukraine.<\/p>\n

BUT- <\/strong>The rating agency will consider downgrading Egypt\u2019s rating over the next 12 months if we fall short of funding targets or our external position comes under further pressure.<\/p>\n

Thumbs up for the float: <\/strong>\u201cThe ongoing exchange-rate adjustment suggests that Egypt is committed to implementing the conditionality of the IMF program,\u201d the rating agency writes. Following the most recent depreciation of the EGP against the greenback, it expects \u201cconfidence in the currency\u2019s short-term price to improve, and for the private sector, banks and businesses to increase trade in USD.\u201d<\/p>\n

Where\u2019s economic growth coming from? <\/strong>Construction and energy sectors will drive growth, alongside IT and communications, wholesale and retail, agriculture, and health. S&P sees the economy growing 4% in the short term.<\/p>\n

The current account deficit will narrow by 20% <\/strong>to USD 13 bn<\/a> in FY 2022-2023, down from USD 17 bn, while remaining unchanged as a share of GDP due to the devaluation of the EGP. The rating agency expects \u201cimport prices to moderate, while export volumes and remittances from Egyptians living abroad remain robust<\/strong>.\u201d<\/p>\n

The budget deficit will remain high at roughly 7% of GDP over the next three years<\/strong>, the rating agency wrote, raising its forecast by a full percentage point from its last report<\/a> in October.<\/p>\n","protected":false},"excerpt":{"rendered":"

S&P Global Ratings has affirmed Egypt\u2019s B credit rating with a stable outlook, saying it expects fresh financial support from the IMF and the GCC will help us meet our external funding needs. The rating agency believes that Egypt will be able to rely on lenders to satisfy its FX needs \u2014 sitting at roughly […]<\/p>\n","protected":false},"author":1,"featured_media":579161,"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":[799,104,72,1631],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-579160","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-credit-rating","tag-economy","tag-enterpriseam","tag-sp-global-ratings","wpautop","entry"],"acf":{"mongo_id":"9af97fdf-43f8-43cb-bc26-2991ee3de7e2","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/1\/474.jpg","photo_position":"above","related_issue":[579151],"teaser":"","voice_url":""},"yoast_head":"\nS&P Global affirms Egypt\u2019s rating on exchange rate flexibility 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\/2023\/01\/29\/sp-global-affirms-egypts-rating-on-exchange-rate-flexibility-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 on exchange rate flexibility 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, saying it expects fresh financial support from the IMF and the GCC will help us meet our external funding needs. 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The ratings agency believes that the Madbouly government\u2019s track record of reform and\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\/10\/298.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":579160,"position":1},"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":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":579160,"position":2},"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":[]},{"id":585586,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/26\/sp-global-ratings-lowers-egypts-debt-outlook\/","url_meta":{"origin":579160,"position":3},"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":585854,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/01\/sp-lowers-credit-outlook-on-nbe-banque-misr-cib-to-negative\/","url_meta":{"origin":579160,"position":4},"title":"S&P lowers credit outlook on NBE, Banque Misr + CIB to negative","author":"enterpriseam admin","date":"1 May 2023","format":false,"excerpt":"Welcome to the sovereign ceiling\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\/internal\/wp-content\/uploads\/2023\/05\/National-Bank-of-Egypt3-1920px.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":579160,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/579160","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=579160"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/579160\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/579151"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/579161"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=579160"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=579160"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=579160"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=579160"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=579160"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}