Standard & Poor’s affirms Egypt’s economy rating and outlook ...Egypt

The Standard & Poor’s credit rating agency affirmed its outlook for the Egyptian economy at positive, while maintaining its debt rating at B-/B. The credit rating agency said in its review that the positive outlook showcases potential for further improvements in Egypt’s external and fiscal positions, and reflects the view that the new exchange rate regime – driven by market forces – will help drive GDP growth and, over time, support the unification of the general budget. Standard & Poor’s previously revised its outlook for Egypt’s economy to positive in March, after it had been stable, following the receipt of US$35 billion in investments from UAE. It pointed out that the Egyptian government

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