Finance Minister discusses S&P downgrading Egypt’s economic outlook ...Egypt

Egypt will implement a package of financial, monetary and structural measures to deal with the high external financing needs of the Egyptian economy which prompted Standard & Poor’s Global Ratings (S&P Global Ratings) to downgrade Egypt’s outlook to negative, Egyptian Finance Minister Mohamed Maait announced. He explained that the decision for S&P Global Ratings to keep Egypt’s credit rating in both local and foreign currencies at B, while downgrading the future outlook from stable to negative for the Egyptian economy, resulted from pressures related to foreign transactions as well as the economy’s exposure to external pressure. The largest of these external pressures are related to the arme

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