EGYPT: Ratings agency Fitch upgraded Egypt to B+ while certifying its outlook as stable, citing the North African state's recent efforts at pushing for economic reform.
"Egypt has made further progress in implementing economic and fiscal reforms, which are driving improved macroeconomic stability, fiscal consolidation and stronger external finances," the agency said in its latest review, report agencies."General government debt/GDP is on a downward path, underpinned by structural improvements to the budget and the emergence of primary budget surpluses," it added.
Egypt's ratings upgrade comes amid a healthy economic growth environment, where gross domestic product is poised to grow at 5.5 per cent in 2019, up from an expected 5.3 per cent in 2018 and 4.2 per cent in 2017, according to projections from the IMF. The growth rates are one of the fastest in the Middle East and North Africa and are a reflection of Egypt's economic revival after years of instability. Egypt, North Africa’s largest economy, suffered major setbacks as a result of political turmoil after the Arab Spring uprisings, with economic growth losing momentum, capital outflows increasing and inflation skyrocketing. To reverse years of decline, the country is undertaking economic reforms.