Fitch confirms Egypt’s B + rating with stable outlook

Today, Wednesday, Fitch Ratings maintained Egypt’s B + rating, with a stable outlook.

The agency said Egypt’s rating is supported by its own record of financial and economic reforms that the authorities are pursuing, as well as of its large economy.

He stressed that continued economic growth and the support package for Corona limited the impact of the pandemic on Egyptian public finances.

The agency said the pandemic hindered Egypt’s two-year debt reduction trend, and public finance remains a major weakness in the ranking, but at the same time stressed that economic growth in Egypt outpaced growth in the vast majority of countries during the pandemic.

He expected the country to resume decreasing public debt in percentage of GDP in fiscal year 2022, noting that Egypt enjoys great flexibility in financing.

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