Fitch gives Egypt ‘stable’ debt rating, citing reforms
Egypt is pursuing deregulation and tax reforms to some success, but the war in Ukraine has severely hurt the country’s economy.
A leading credit rating agency gave Egypt yesterday a positive assessment of its ability to pay back debt.
The New York-based Fitch affirmed Egypt’s debt rating as B+, indicating a “Stable Outlook.” They said the rating was based on Egypt’s “recent record of fiscal and economic reforms, its large economy with robust growth and strong support from bilateral and multilateral partners,” according to a press release.
At the same time, Fitch noted Egypt’s high governmental debt, reliance on foreign investment and “domestic and regional security and political risks” as shortcomings.
The reforms Fitch referred to include new tax and customs laws aimed at boosting government revenue.
