News

Standard & Poor’s Upgrades Egypt’s Credit Rating to ‘Positive’

Standard & Poor’s Upgrades Egypt’s Credit Rating to ‘Positive’

Photo credit: Reuters

International credit rating agency Standard & Poor’s raised on Friday Egypt’s outlook from ‘stable’ to ‘positive’ and said the country is raising its foreign reserves and strengthening economic growth.

S&P said in a statement that the revision reflects a “potential upgrade over next year” on the condition that Egypt continues to implement its IMF-sponsored economic reform program.

Egypt’s sovereign credit rating was maintained at B-, “reflecting wide fiscal and external deficits, high public debt, and low income levels,” the statement went on to say.

Last time S&P upgraded Egypt’s rating was in May 2015.

The credit agency expects the political situation in the country to remain stable under the leadership of President Abdel Fattah al-Sisi, adding that it does not believe any major policy changes ahead of the 2018 presidential elections.

Egypt’s government welcomed S&P’s upgrade, with Finance Minister Amr El-Garhy saying in an official statement on Saturday that it will help the country’s economy to recover by attracting more foreign investments.

“[The upgrade] will contribute in attracting more foreign investment to the country, and reduce the cost of financing to both the state and institutions, as well as the private sector,” the statement read.

Egypt has embarked upon a large-scale economic reform program sponsored by a $12bn loan from the International Monetary Fund.

Economic growth increased in the last quarter of 2016/2017 fiscal year to 4.8 percent, while foreign reserves peaked in October, reacing $36.702bn, surpassing pre-2011 levels.

Egypt Receives Official Warning From UN Lawyer Over Closure of Churches
Uber Egypt Joins Effort with Harassmap to Prevent Sexual Harassment

Subscribe to our newsletter


News

More in News

Two Egyptians Make Forbes’ 30 Under 30 List for 2018

Egyptian StreetsJanuary 22, 2018

Former Army Chief of Staff Sami Annan Declares Presidential Bid

Egyptian StreetsJanuary 20, 2018

Egypt’s President Abdel Fattah al-Sisi Announces Intention to Run for Second Term

Egyptian StreetsJanuary 19, 2018

Music Against Cancer: Zamfir to Hold Concert in Cairo for Cancer Patients

Menna A. FaroukJanuary 17, 2018

Mohamed Anwar al-Sadat Will Not Run for Presidency, Slams Egypt’s Presidential Elections

Egyptian StreetsJanuary 15, 2018

Two New Female Ministers in Egypt’s Limited Cabinet Reshuffle

Egyptian StreetsJanuary 14, 2018

Egypt’s Nour el-Sherbini Wins the Saudi PSA Women’s Squash Masters

Maydaa Abo El NadarJanuary 14, 2018

‘I Will Block Facebook’: MP Mortada Mansour Announces Presidential Candidacy

Egyptian StreetsJanuary 14, 2018
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2017 Egyptian Streets. All Rights Reserved.