Moody’s Raises Egypt’s Credit Outlook To Positive Following IMF Deal ...Egypt

Moody’s Credit Ratings Agency raised Egypt’s credit outlook to positive from negative in the wake of the country attracting foreign investment and currency from the International Monetary Fund (IMF) and other parties. The rating agency affirmed that the positive outlook is also attributable to the change in economic policy, including the recent devaluation of the Egyptian local currency and interest rate increase. On 6 March, Egypt announced that it had signed an expanded loan program with the IMF, increasing an existing loan program by USD 5 billion. The move came in conjunction with the Central Bank of Egypt’s (CBE) decision to allow the Egyptian pound to trade freely after months of tight

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Last updated : 09 March 2024 clock 09:20 PM

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Moody’s Raises Egypt’s Credit Outlook To Positive Following IMF Deal ...Egypt

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