Bloomberg on Nostr: Egypt’s Outlook Raised by Fitch After $57 Billion Global Bailout ========== Fitch ...
Egypt’s Outlook Raised by Fitch After $57 Billion Global Bailout
==========
Fitch Ratings has raised Egypt's credit rating outlook to positive from stable after the country secured a $57 billion international bailout for its struggling economy. Fitch affirmed Egypt's B- rating, six notches below investment grade. The rating upgrade comes after Egypt agreed to a $35 billion investment deal with the United Arab Emirates and received additional support from the International Monetary Fund and the World Bank. Fitch stated that the near-term external financing risks have reduced due to the UAE deal and the country's move to a flexible exchange rate and tightening of monetary policy. Egypt has been working on selling state-owned companies and assets and implementing other reform efforts to curb spending and encourage private-sector growth. S&P Global Ratings has a positive outlook for Egypt, while Moody's Ratings assigns a positive outlook to the country.
#Egypt #FitchRatings #CreditRating #Bailout #Investment #EconomicReform
https://www.bloomberg.com/news/articles/2024-05-03/egypt-s-outlook-raised-by-fitch-after-57-billion-global-bailoutPublished at
2024-05-04 06:34:36Event JSON
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"content": "Egypt’s Outlook Raised by Fitch After $57 Billion Global Bailout\n==========\n\nFitch Ratings has raised Egypt's credit rating outlook to positive from stable after the country secured a $57 billion international bailout for its struggling economy. Fitch affirmed Egypt's B- rating, six notches below investment grade. The rating upgrade comes after Egypt agreed to a $35 billion investment deal with the United Arab Emirates and received additional support from the International Monetary Fund and the World Bank. Fitch stated that the near-term external financing risks have reduced due to the UAE deal and the country's move to a flexible exchange rate and tightening of monetary policy. Egypt has been working on selling state-owned companies and assets and implementing other reform efforts to curb spending and encourage private-sector growth. S\u0026P Global Ratings has a positive outlook for Egypt, while Moody's Ratings assigns a positive outlook to the country.\n\n#Egypt #FitchRatings #CreditRating #Bailout #Investment #EconomicReform\n\nhttps://www.bloomberg.com/news/articles/2024-05-03/egypt-s-outlook-raised-by-fitch-after-57-billion-global-bailout",
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