Moody’s downgrades Egypt’s credit rating amid debt crisis ...Kuwait

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Moody’s downgrades Egypt’s credit rating amid debt crisis
The ratings agency Moody on Thursday downgraded Egypt’s credit rating to a new low amid a severe economic crisis and an increase in sovereign debt. Egypt has faced record inflation and foreign currency shortages in recent years, making it difficult for the North African country to repay its external debts. The situation has been exacerbated by ongoing corruption and an eight-year borrowing spree which has seen the state spend money on "white elephant" projects such as the New Administrative Capital. In 2019, an Egyptian businessman also accused current President Abdel Fattah Al-Sisi of using public funds to build luxurious palaces for himself and his family in a sca

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