01 Aug 2021

Moody’s credit rating agency has maintained Egypt’s long-term issuer credit rating at B2 for both local and foreign currency. Moody’s forecast a stable outlook for Egypt’s rating based on trust in the government’s implementation of fiscal and economic reform. They said that Egypt has managed to expand its funding base while building up reserves of foreign currency that cushion fluctuating capital flows. This enables the government to push forward confidently with its reforms, improving the competitiveness of exports and establishing a wider revenue base. Moody’s forecasted growth for the Egyptian economy to come in at 5.5% in FY21/22.

(Source: Moody’s (English), Egypt Independent (English), al-Ahram (English) (Arabic), Daily News Egypt (English), Ministry of Finance, al-Maal, Mubasher, Amwal al-Ghad, Arab Finance, al-Youm al-Saabe, Akhbar al-Youm, al-Masry al-Youm, al-Watan, al-Shurouk, CNBC Arabia, al-Arabiya)