On Friday, Fitch Rating Agency upgraded Egypt’s outlook from stable to positive, maintaining the country’s rating at (B-). The agency highlighted the low risks of external financing and the strength of foreign direct investment in Egypt. In March, the International Monetary Fund approved $8 billion in expanded financial support for Egypt to help the country gradually reduce its debt burden.
Fitch also mentioned that initial steps to contain off-budget spending would help reduce the risks of public debt sustainability in Egypt. The agency stated that exchange rate flexibility in Egypt would be more sustainable than in the past, partly due to the close monitoring within the context of the Extended Fund Facility Program signed between Egypt and the IMF, which will continue until late 2026.
Moody’s credit rating agency had previously revised its outlook for Egypt to positive in early March, while keeping its rating unchanged due to the high proportion of government debt and weak debt sustainability compared to other countries.
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