Egyptian Finance Minister Mohamed Maait responded to Fitch’s decision to downgrade Egypt’s credit rating in both local and foreign currencies to “B” with a negative outlook. This move reflects the institution’s view of estimates of the external financing needs of the Egyptian economy, in light of the unfavorable conditions of global financial markets for all emerging countries, he noted. Maait said that this also reflects the estimates of the institution due to continued exposure of the Egyptian economy to difficult external pressures as a result of the complex global challenges represented by the negative repercussions of the war in Europe, the global wave of inflation, and the rise in inte
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