{"id":649517,"date":"2017-03-02T04:12:40","date_gmt":"2017-03-02T04:12:40","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/02\/egypts-rebalancing-continues-challenging-year-ahead-fitch\/"},"modified":"2017-03-02T04:12:40","modified_gmt":"2017-03-02T04:12:40","slug":"egypts-rebalancing-continues-challenging-year-ahead-fitch","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/02\/egypts-rebalancing-continues-challenging-year-ahead-fitch\/","title":{"rendered":"Egypt\u2019s rebalancing continues, challenging year ahead -Fitch"},"content":{"rendered":"

Egypt is making further progress with its external rebalancing<\/strong>, Fitch Ratings says<\/a>, as indicated by \u201crising foreign exchange reserves, a return of private capital inflows and currency appreciation.\u201d Fitch adds that \u201cfurther fiscal consolidation alongside external rebalancing would lay the groundwork for a broader-based improvement in sovereign credit metrics in 2018\u2026 However, challenges, including the risk of social unrest, are substantial.<\/strong> Even if the envisaged reforms progress smoothly, it would take several years to reduce gross general government debt to more sustainable levels.\u201d It adds that the rebound in CBE reserves has been stronger than expected partly due to the larger-than-expected eurobond issuance. Fitch also believes that Egypt will broadly be able to meet its budget targets<\/strong>. Fitch worries about the prospect of high inflation rates that could \u201cbe politically sensitive, adding to the risk that social unrest will prompt the government to row back from some reforms.\u201d The ratings agency projects GDP growth to increase to 4.5% in FY2017-18 from 3.3% a year earlier.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt is making further progress with its external rebalancing, Fitch Ratings says, as indicated by \u201crising foreign exchange reserves, a return of private capital inflows and currency appreciation.\u201d Fitch adds that \u201cfurther fiscal consolidation alongside external rebalancing would lay the groundwork for a broader-based improvement in sovereign credit metrics in 2018\u2026 However, challenges, including the […]<\/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":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-649517","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"4e7b4344-d756-44ce-a21a-6e082bd6dfbb","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[649512],"teaser":"","voice_url":""},"yoast_head":"\nEgypt\u2019s rebalancing continues, challenging year ahead -Fitch - 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\/2017\/03\/02\/egypts-rebalancing-continues-challenging-year-ahead-fitch\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt\u2019s rebalancing continues, challenging year ahead -Fitch\" \/>\n<meta property=\"og:description\" content=\"Egypt is making further progress with its external rebalancing, Fitch Ratings says, as indicated by \u201crising foreign exchange reserves, a return of private capital inflows and currency appreciation.\u201d Fitch adds that \u201cfurther fiscal consolidation alongside external rebalancing would lay the groundwork for a broader-based improvement in sovereign credit metrics in 2018\u2026 However, challenges, including the […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2017\/03\/02\/egypts-rebalancing-continues-challenging-year-ahead-fitch\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2017-03-02T04:12:40+00:00\" \/>\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=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/03\/02\/egypts-rebalancing-continues-challenging-year-ahead-fitch\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/03\/02\/egypts-rebalancing-continues-challenging-year-ahead-fitch\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egypt\u2019s rebalancing continues, challenging year ahead -Fitch\",\"datePublished\":\"2017-03-02T04:12:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/03\/02\/egypts-rebalancing-continues-challenging-year-ahead-fitch\/\"},\"wordCount\":171,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"EnterpriseAM\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/03\/02\/egypts-rebalancing-continues-challenging-year-ahead-fitch\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2017\/03\/02\/egypts-rebalancing-continues-challenging-year-ahead-fitch\/\",\"name\":\"Egypt\u2019s rebalancing continues, challenging year ahead -Fitch - EnterpriseAM Egypt\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\"},\"datePublished\":\"2017-03-02T04:12:40+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/03\/02\/egypts-rebalancing-continues-challenging-year-ahead-fitch\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/egypt\/2017\/03\/02\/egypts-rebalancing-continues-challenging-year-ahead-fitch\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/03\/02\/egypts-rebalancing-continues-challenging-year-ahead-fitch\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/enterpriseam.com\/egypt\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Egypt\u2019s rebalancing continues, challenging year ahead -Fitch\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"name\":\"EnterpriseAM\",\"description\":\"The State of the Nation\",\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\",\"name\":\"EnterpriseAM\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ent.news\/internal\/240894.svg\",\"contentUrl\":\"https:\/\/ent.news\/internal\/240894.svg\",\"caption\":\"EnterpriseAM\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\",\"name\":\"enterpriseam admin\",\"sameAs\":[\"http:\/\/enterpriseam.testing.projectsarea.com\"],\"url\":\"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Egypt\u2019s rebalancing continues, challenging year ahead -Fitch - EnterpriseAM Egypt","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/02\/egypts-rebalancing-continues-challenging-year-ahead-fitch\/","og_locale":"en_US","og_type":"article","og_title":"Egypt\u2019s rebalancing continues, challenging year ahead -Fitch","og_description":"Egypt is making further progress with its external rebalancing, Fitch Ratings says, as indicated by \u201crising foreign exchange reserves, a return of private capital inflows and currency appreciation.\u201d Fitch adds that \u201cfurther fiscal consolidation alongside external rebalancing would lay the groundwork for a broader-based improvement in sovereign credit metrics in 2018\u2026 However, challenges, including the […]","og_url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/02\/egypts-rebalancing-continues-challenging-year-ahead-fitch\/","og_site_name":"EnterpriseAM Egypt","article_published_time":"2017-03-02T04:12:40+00:00","author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/02\/egypts-rebalancing-continues-challenging-year-ahead-fitch\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/02\/egypts-rebalancing-continues-challenging-year-ahead-fitch\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"Egypt\u2019s rebalancing continues, challenging year ahead -Fitch","datePublished":"2017-03-02T04:12:40+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/02\/egypts-rebalancing-continues-challenging-year-ahead-fitch\/"},"wordCount":171,"publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"keywords":["EnterpriseAM","SPEED ROUND"],"articleSection":["Speed Round"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/02\/egypts-rebalancing-continues-challenging-year-ahead-fitch\/","url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/02\/egypts-rebalancing-continues-challenging-year-ahead-fitch\/","name":"Egypt\u2019s rebalancing continues, challenging year ahead -Fitch - EnterpriseAM Egypt","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/#website"},"datePublished":"2017-03-02T04:12:40+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/02\/egypts-rebalancing-continues-challenging-year-ahead-fitch\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/egypt\/2017\/03\/02\/egypts-rebalancing-continues-challenging-year-ahead-fitch\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/02\/egypts-rebalancing-continues-challenging-year-ahead-fitch\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/egypt\/"},{"@type":"ListItem","position":2,"name":"Egypt\u2019s rebalancing continues, challenging year ahead -Fitch"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/egypt\/#website","url":"https:\/\/enterpriseam.com\/egypt\/","name":"EnterpriseAM","description":"The State of the Nation","publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/egypt\/#organization","name":"EnterpriseAM","url":"https:\/\/enterpriseam.com\/egypt\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/240894.svg","contentUrl":"https:\/\/ent.news\/internal\/240894.svg","caption":"EnterpriseAM"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d","name":"enterpriseam admin","sameAs":["http:\/\/enterpriseam.testing.projectsarea.com"],"url":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"}]}},"featured_image_src":null,"featured_image_src_square":null,"author_info":{"display_name":"enterpriseam admin","author_link":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":570238,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/24\/strong-fx-reserves-fiscal-reform-to-mitigate-short-term-headwinds-on-egypts-external-account-fitch-ratings\/","url_meta":{"origin":649517,"position":0},"title":"Strong FX reserves, fiscal reform to mitigate short-term headwinds on Egypt\u2019s external account -Fitch Ratings","author":"enterpriseam admin","date":"24 March 2020","format":false,"excerpt":"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\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\/3\/270.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593361,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/26\/fitch-affirms-egypts-long-term-fx-issuer-default-rating-at-b-with-a-stable-outlook\/","url_meta":{"origin":649517,"position":1},"title":"Fitch affirms Egypt\u2019s long-term FX issuer default rating at B+ with a stable outlook","author":"enterpriseam admin","date":"26 November 2019","format":false,"excerpt":"Fitch Ratings has affirmed Egypt\u2019s long-term foreign-currency issuer default rating at \u2018B+\u2019 with a \u2018stable\u2019 outlook. 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":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":649517,"position":2},"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":649517,"position":3},"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":586113,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/07\/fitch-ratings-downgrades-our-credit-rating-for-the-first-time-since-2013\/","url_meta":{"origin":649517,"position":4},"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":554015,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/16\/fitch-thinks-egypt-could-be-up-for-another-imf-program\/","url_meta":{"origin":649517,"position":5},"title":"Fitch thinks Egypt could be up for another IMF program","author":"enterpriseam admin","date":"16 December 2021","format":false,"excerpt":"Egypt\u2019s high exposure to external financing could lead the government to seek a fresh IMF program, especially in the event of a \u201cliquidity shock,\u201d according to a recent Fitch Ratings report. The report points to less accommodative global liquidity and monetary conditions as being key risk factors for Egypt, despite\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\/12\/363.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\/649517","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=649517"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/649517\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/649512"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=649517"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=649517"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=649517"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=649517"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=649517"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}