{"id":634527,"date":"2018-01-17T04:14:28","date_gmt":"2018-01-17T04:14:28","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/01\/17\/fitch-ratings-outlook-revision-and-efg-hermes-egypt-day-conference\/"},"modified":"2018-01-17T04:14:28","modified_gmt":"2018-01-17T04:14:28","slug":"fitch-ratings-outlook-revision-and-efg-hermes-egypt-day-conference","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/01\/17\/fitch-ratings-outlook-revision-and-efg-hermes-egypt-day-conference\/","title":{"rendered":"Fitch Ratings\u2019 outlook revision and EFG Hermes\u2019 Egypt Day Conference"},"content":{"rendered":"

Fitch Ratings\u2019 revision of Egypt\u2019s outlook to positive and EFG Hermes\u2019 Egypt Day Conference<\/strong> were the most business-relevant topics of discussion on the airwaves last night.<\/p>\n

An upgrade in Egypt\u2019s credit rating from any one of the ratings agencies is likely to happen sometime this year as economic reforms continue to bear fruit<\/strong>, Finance Minister Amr El Garhy told Hona Al Asema\u2019s Lamees Al Hadidi. El Garhy noted that the state budget deficit has narrowed to 10.9% this fiscal year \u2014 and said that the significant drop in the primary deficit is also a positive indicator that signals the state\u2019s expenditures are tenable. The ministry is anticipating that next year\u2019s financing gap will stand at USD 12-14 bn.<\/p>\n

On concerns over Egypt\u2019s total debt level, El Garhy said the state is looking to push the figure to less than 90% of GDP in FY2018-19<\/strong>, down from 108% currently. He said that the discrepancy between the CBE and Fitch\u2019s figures for Egypt\u2019s debt is because of how the ratings agency accounts for investment in treasury bills, which the CBE does not include in its calculations since they are short-term instruments. External debt currently account for 41% of the country\u2019s total debt, with the government aiming to bring it down to 25% by the end of FY2017-18 and 30-31% by the end of FY2018-19.<\/p>\n

El Garhy also briefly touched on President Abdel Fattah El Sisi\u2019s meeting yesterday with fund managers at EFG Hermes\u2019 Egypt Day conference<\/strong>, where he said investors paid particular attention to improvements to the investment climate, the Trade and Industry Ministry\u2019s map, regulations for investing in the Suez Canal Economic Zone, and the effect of regional politics on Egypt (watch, runtime: 17:49<\/a>).<\/p>\n

Lamees also spoke to Middle East Rating & Investors Service Chairman Amr Hassanein about Fitch\u2019s outlook upgrade, which he said is usually a precursor to a full upgrade of the rating<\/strong>. Hassanein said he expects the credit upgrade to come within six months to a year provided the economy\u2019s performance continues on the same upwards trajectory. Hassanein stressed the importance of boosting the country\u2019s GDP \u2014 which would automatically reduce the debt-to-GDP ratio \u2014 and suggested further policies on integrating the informal economy were needed achieve this growth. He also pointed out the credit rating report mentioned political concerns, including a tightening grip on political opposition, as weighing down Egypt\u2019s credit rating (watch, runtime: 8:08<\/a>).<\/p>\n

EFG Hermes CEO Karim Awad phoned in to tell Masaa DMC\u2019s Osama Kamal about the Egypt Day Conference<\/strong>. Attending fund and portfolio managers have a generally positive view on what 2018 holds, Awad said, and believe economic reforms will continue to bear fruit throughout the year (watch, runtime: 3:49<\/a>).<\/p>\n

Kamal then spoke to MP and tourism expert Amr Sedky, who said that newly appointed Tourism Minister Rania Al Mashat\u2019s economic background is just what the doctor ordered<\/strong> for the tourism industry. The majority of tourism investors are facing business-related burdens, including outdated bus fleets that would be costly to replace. Solutions require someone of Mashat\u2019s background, Sedky said (watch, runtime: 6:02<\/a>).<\/p>\n

Over on Kol Youm, Amr Adib was fixated on Turkey having unveiling plans for a canal <\/strong>to reduce shipping traffic on the Bosphorus Strait. He said that the new canal is meant to replicate the Suez Canal and the Suez Canal Economic Zone and is an intentional attempt to take business away from Egypt (watch, runtime: 6:55<\/a>). (Before we move on, we\u2019d like to implore Adib to open a geography book every now and again.) SCZone deputy head Abdel Kader Darwish said that Turkey\u2019s replication plans lends credence to Egypt\u2019s vision for the SCZone, and told Adib that the zone has been working on infrastructure services such as water, gas, and communication networks to allow for the implementation of industrial projects (watch, runtime: 12:32<\/a>).<\/p>\n","protected":false},"excerpt":{"rendered":"

Fitch Ratings\u2019 revision of Egypt\u2019s outlook to positive and EFG Hermes\u2019 Egypt Day Conference were the most business-relevant topics of discussion on the airwaves last night. An upgrade in Egypt\u2019s credit rating from any one of the ratings agencies is likely to happen sometime this year as economic reforms continue to bear fruit, Finance Minister […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[9281],"tags":[2379,72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-634527","post","type-post","status-publish","format-standard","hentry","category-enterprise-last-nights-talk-shows","tag-enterprise-last-nights-talk-shows","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"75e15aad-bc4c-4898-b11c-a14d2aec378b","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[634519],"teaser":"","voice_url":""},"yoast_head":"\nFitch Ratings\u2019 outlook revision and EFG Hermes\u2019 Egypt Day Conference - 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\/2018\/01\/17\/fitch-ratings-outlook-revision-and-efg-hermes-egypt-day-conference\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fitch Ratings\u2019 outlook revision and EFG Hermes\u2019 Egypt Day Conference\" \/>\n<meta property=\"og:description\" content=\"Fitch Ratings\u2019 revision of Egypt\u2019s outlook to positive and EFG Hermes\u2019 Egypt Day Conference were the most business-relevant topics of discussion on the airwaves last night. 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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":634527,"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":634528,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/01\/17\/fitch-revises-egypts-outlook-to-positive-affirms-rating-at-b\/","url_meta":{"origin":634527,"position":2},"title":"Fitch revises Egypt\u2019s outlook to \u2018positive,\u2019 affirms rating at \u2018B\u2019","author":"enterpriseam admin","date":"17 January 2018","format":false,"excerpt":"Fitch revises Egypt\u2019s outlook to positive, affirms rating at \u2018B:\u2019 Ratings agency Fitch has revised Egypt\u2019s long-term foreign currency issuer default rating to \u2018positive\u2019 from \u2018stable\u2019 and affirmed the rating at \u2018B.\u2019 Fitch says macroeconomic stability in Egypt is starting to improve from a fragile state. Public finances will remain\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":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":634527,"position":3},"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":[]},{"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":634527,"position":4},"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":564979,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/10\/fitch-gives-long-term-fx-debt-outlook-a-%f0%9f%91%8d\/","url_meta":{"origin":634527,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/634527","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=634527"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/634527\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/634519"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=634527"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=634527"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=634527"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=634527"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=634527"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}