Egypt’s Finance Ministry assured that the government is working to manage macroeconomic risks with flexibility to contain successive external shocks, and is dealing in a balanced and careful manner with the negative impact of geopolitical tensions on economic activity. In a Friday state the government added that it is keen to meet the basic needs of citizens and expand social protection while adhering to financial discipline. Moody’s, the international credit rating agency, announced on Thursday evening that Egypt’s future outlook was reduced from “stable” to “negative.” Economists described the decision as expected, and portends a new reduction in the credit rating during the coming period.
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