{"id":602267,"date":"2019-03-24T03:32:16","date_gmt":"2019-03-24T03:32:16","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/24\/fitch-upgrades-egypts-long-term-credit-rating-to-b-with-a-stable-outlook\/"},"modified":"2019-03-24T03:32:16","modified_gmt":"2019-03-24T03:32:16","slug":"fitch-upgrades-egypts-long-term-credit-rating-to-b-with-a-stable-outlook","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/24\/fitch-upgrades-egypts-long-term-credit-rating-to-b-with-a-stable-outlook\/","title":{"rendered":"Fitch upgrades Egypt\u2019s long-term credit rating to \u2018B+\u2019 with a stable outlook"},"content":{"rendered":"

<\/a> Fitch Ratings has upgraded Egypt\u2019s long-term foreign-currency issuer default rating to \u2018B+\u2019 with a \u2018stable\u2019 outlook.<\/b> The agency said that Egypt\u2019s rating upgrade is supported by \u201cfurther progress in implementing economic and fiscal reforms, which are driving improved macroeconomic stability, fiscal consolidation and stronger external finances.\u201d These reforms, the ratings agency said, are expected to continue beyond the expiration of the IMF Extended Fund Facility. Barring renewed political instability or an unexpected negative shock to economic growth, Egypt\u2019s outlook generally looks good, Fitch says. Tap or click here for the full report<\/a><\/u>.<\/p>\n

Fitch sees Egypt\u2019s budget deficit narrowing to 8.6% of GDP during the current fiscal year<\/b>, and the primary budget surplus recording 1.6%. The government is targeting a deficit and primary surplus of 8.4% and 2%, respectively. Interest payments are \u201clikely to peak\u201d in FY2018-19<\/b>, when they are expected to come in at 10.2% of GDP, but will likely fall at least 1 percentage point in FY2019-20.<\/p>\n

As for the next fiscal year, Egypt\u2019s expenditures on wages, subsidies, and social spending are likely to drop<\/b> on the back of what Fitch describes as \u201cpolitical commitment for further fiscal consolidation.\u201d Government spending on wages in FY2019-20 is expected to drop to below 5% of GDP, down from 8% in FY2015-16, while subsidies and social spending should account for around 5.3% of GDP next fiscal year, down from 8% in FY2016-17. GDP growth should record 5.5% (which is slightly below the government target of 6%<\/a><\/u>), while inflation is forecasted to come in at an average of 10% next fiscal year, \u201cbuilding in another round of subsidy reforms\u201d in June and July of this year.<\/p>\n

The ratings upgrade will increase investors\u2019 confidence in Egypt and help drive down Egypt\u2019s borrowing costs<\/b>, Finance Minister Mohamed Maait said, according to a ministry statement<\/a><\/u>. Vice Minister of Finance Ahmed Kouchouk stressed that Egypt remains committed to pushing ahead with the reform agenda, the statement says.<\/p>\n","protected":false},"excerpt":{"rendered":"

Fitch Ratings has upgraded Egypt\u2019s long-term foreign-currency issuer default rating to \u2018B+\u2019 with a \u2018stable\u2019 outlook. The agency said that Egypt\u2019s rating upgrade is supported by \u201cfurther progress in implementing economic and fiscal reforms, which are driving improved macroeconomic stability, fiscal consolidation and stronger external finances.\u201d These reforms, the ratings agency said, are expected to […]<\/p>\n","protected":false},"author":1,"featured_media":602268,"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":[72,905,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-602267","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-fitch-ratings","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"e1c572e1-f48b-4854-aeb4-8994cc5b49c9","is_powered_by":true,"section_story_id":"a376cba6-858e-4fcc-8f39-ce462a4929eb","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/5\/178.jpg","photo_position":"above","related_issue":[602260],"teaser":"","voice_url":""},"yoast_head":"\nFitch upgrades Egypt\u2019s long-term credit rating to \u2018B+\u2019 with a stable outlook - 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\/2019\/03\/24\/fitch-upgrades-egypts-long-term-credit-rating-to-b-with-a-stable-outlook\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fitch upgrades Egypt\u2019s long-term credit rating to \u2018B+\u2019 with a stable outlook\" \/>\n<meta property=\"og:description\" content=\"Fitch Ratings has upgraded Egypt\u2019s long-term foreign-currency issuer default rating to \u2018B+\u2019 with a \u2018stable\u2019 outlook. The agency said that Egypt\u2019s rating upgrade is supported by \u201cfurther progress in implementing economic and fiscal reforms, which are driving improved macroeconomic stability, fiscal consolidation and stronger external finances.\u201d These reforms, the ratings agency said, are expected to […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/24\/fitch-upgrades-egypts-long-term-credit-rating-to-b-with-a-stable-outlook\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-03-24T03:32:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/5\/178.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/24\/fitch-upgrades-egypts-long-term-credit-rating-to-b-with-a-stable-outlook\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/24\/fitch-upgrades-egypts-long-term-credit-rating-to-b-with-a-stable-outlook\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Fitch upgrades Egypt\u2019s long-term credit rating to \u2018B+\u2019 with a stable outlook\",\"datePublished\":\"2019-03-24T03:32:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/24\/fitch-upgrades-egypts-long-term-credit-rating-to-b-with-a-stable-outlook\/\"},\"wordCount\":331,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/24\/fitch-upgrades-egypts-long-term-credit-rating-to-b-with-a-stable-outlook\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/5\/178.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"Fitch Ratings\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/24\/fitch-upgrades-egypts-long-term-credit-rating-to-b-with-a-stable-outlook\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/24\/fitch-upgrades-egypts-long-term-credit-rating-to-b-with-a-stable-outlook\/\",\"name\":\"Fitch upgrades Egypt\u2019s long-term credit rating to \u2018B+\u2019 with a stable outlook - 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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":573294,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/28\/fitch-affirms-egypts-long-term-fx-issuer-rating-at-b-outlook-stable\/","url_meta":{"origin":602267,"position":1},"title":"Fitch affirms Egypt\u2019s long-term FX issuer rating at B+; outlook stable","author":"enterpriseam admin","date":"28 July 2020","format":false,"excerpt":"Fitch Ratings affirmed yesterday Egypt\u2019s long-term foreign-currency issuer default rating at \u2018B+\u2019 with a \u2018stable\u2019 outlook. The ratings agency said that Egypt\u2019s \u201crecent track record of fiscal and economic reforms, policy commitment to furthering the reform program and ready availability of fiscal and external financing in the face of the\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\/224.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":625507,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/08\/07\/fitch-affirms-egypts-long-term-credit-rating-at-b-with-a-positive-outlook\/","url_meta":{"origin":602267,"position":2},"title":"Fitch affirms Egypt\u2019s long-term credit rating at \u2018B\u2019 with a positive outlook","author":"enterpriseam admin","date":"7 August 2018","format":false,"excerpt":"Fitch affirms Egypt\u2019s long-term credit rating at \u2018B\u2019 with a positive outlook: Fitch Ratings reaffirmed Egypt\u2019s long-term foreign-currency issuer default rating at \u2018B\u2019 and maintained its outlook as positive. The agency said that Egypt\u2019s rating is supported by the implementation of necessary reforms, which have yielded positive results across a\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":644705,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/02\/fitch-affirms-egypts-credit-rating-at-b-outlook-stable\/","url_meta":{"origin":602267,"position":3},"title":"Fitch affirms Egypt\u2019s credit rating at B, outlook stable","author":"enterpriseam admin","date":"2 July 2017","format":false,"excerpt":"Ratings agency Fitch has affirmed Egypt's Long-Term Foreign- and Local-Currency Issuer Default Ratings at B with a stable outlook. The main factors that Fitch says, individually or collectively, could lead to a positive action are: Continued progress on fiscal consolidation leading to declining government debt\/GDP, sustained stronger economic growth supported\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":564979,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/10\/fitch-gives-long-term-fx-debt-outlook-a-%f0%9f%91%8d\/","url_meta":{"origin":602267,"position":4},"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":556371,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/24\/fitch-ratings-affirms-egypts-long-term-fx-issuer-default-rating-at-b-outlook-stable\/","url_meta":{"origin":602267,"position":5},"title":"Fitch Ratings affirms Egypt\u2019s long-term FX issuer default rating at B+; outlook stable","author":"enterpriseam admin","date":"24 October 2021","format":false,"excerpt":"Fitch Ratings affirmed Egypt\u2019s long-term foreign-currency issuer default rating (IDR) at \u2018B+\u2019 with a stable outlook on Wednesday. The rating is supported by Egypt\u2019s \u201crecent track record of fiscal and economic reforms,\u201d coupled with its large economy, which has remained stable and resilient through the global health crisis, as \u201ccontinued\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\/2021\/10\/239.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\/602267","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=602267"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/602267\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/602260"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/602268"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=602267"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=602267"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=602267"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=602267"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=602267"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}