Evaluating Egypt’s economic growth potential through the eyes of International Institutions

Sun, 31 Dec 2023 - 07:11 GMT

From Fitch Solutions’ most optimistic view of Egypt’s growth to the lowered expectations of the IIF, a diverse range of forecasts paints a complex picture of the country’s potential growth in the coming year as the country faces numerous external geopolitical and economic shocks.

Fitch revises Egypt's Outlook to negative; affirms at 'B+'

Tue, 08 Nov 2022 - 04:12 GMT

The Rating Agency attributed the revision to the deterioration in Egypt's external liquidity position and reduced prospects for bond market access, leaving the country vulnerable to adverse global conditions at a time of high current account deficits (CADs) and external debt maturities.

S&P affirms Egypt's credit rating at B/B with stable outlook

Mon, 25 Apr 2022 - 11:46 GMT

Standard & Poor's (S&P) kept Saturday Egypt's long and short-term foreign and local currency sovereign credit ratings at B/B with a stable outlook.

Fitch affirms Egypt's rating at 'B+' with stable outlook

Fri, 22 Apr 2022 - 04:39 GMT

Fitch elaborated in a statement that Egypt's ratings are supported by its recent record of fiscal and economic reforms, its large economy with robust growth and strong support from bilateral and multilateral partners.

Fitch affirms Egypt's rating at 'B+' with stable outlook

Wed, 20 Oct 2021 - 02:14 GMT

Egypt's ratings are supported by its recent record of fiscal and economic reforms, which the authorities are continuing, as well as its large economy, which has demonstrated stability and resilience through the global health crisis, the rating agency clarified.

Egyptian banks face continued pressure during 2021: Fitch

Thu, 08 Apr 2021 - 02:21 GMT

Fitch expected continued pressure on operating profitability due to lower interest rates and higher loan impairment charges as borrower support measures end.

Egypt's Suez Canal Blockage causes large loss for global reinsurer industry: Fitch

Mon, 29 Mar 2021 - 10:29 GMT

It added that the blockage would reduce global reinsurers’ earnings but should not materially affect their credit profiles, while prices for marine reinsurance will rise further as a consequence of the container ship ‘Ever Given’ grounding in the canal.

Fitch affirms Egypt's rating at B+ with stable outlook

Wed, 10 Mar 2021 - 02:03 GMT

The rating agency clarified that the rating and outlook are reinforced by its recent track record of fiscal and economic reforms, which the authorities are furthering, as well as its large economy, which has demonstrated stability and resilience through the global health crisis.

Egypt highlights external debt decline, institutions positive expectation for state

Sun, 04 Oct 2020 - 03:25 GMT

Egypt succeeded in reversing the external debt curve, to record a decline for the first time in more than 4 years.

Goldman Sachs says Turkey is no longer economic competitor to Egypt

Mon, 21 Sep 2020 - 04:47 GMT

Turkey's deteriorating conditions are the reason.

Finance min.: Fitch's decision reflects int'l institutions’ confidence in national economy

Wed, 29 Jul 2020 - 01:39 GMT

Egypt was the only country in the Middle East and Africa, whose credit rating was maintained with a stable outlook by S&P Global Ratings, Moody's and Fitch, Ma'it said.

Fitch affirms Egypt at 'B+' with stable outlook

Tue, 28 Jul 2020 - 03:33 GMT

Fitch expected real GDP growth to be 2.5 percent in the fiscal year ending June 2021 (FY21), well below average growth of 5.5 percent in FY18 and FY19.

PM reviews Fitch report about Egyptian energy market

Tue, 28 Jan 2020 - 03:13 GMT

Assistant Prime Minister Usama Gohar said that recent developments in Egypt contributed to improving the outlook of Fitch reports about the Egyptian market.

Fitch affirms Egypt’s rating at ‘B+’ with stable outlook

Tue, 26 Nov 2019 - 10:32 GMT

Fitch clarified Monday that Egypt's ratings are supported by a recent track record of economic and fiscal reforms, and improvements to macroeconomic stability and external finances.

Fitch praises Egypt’s decision on interest rate cuts

Mon, 14 Oct 2019 - 07:13 GMT

Fitch said that pent-up private sector credit demand was high thanks to robust economic growth, expecting GDP growth of 5.5% in 2019 and in 2020.

Fitch launches 1st int’l credit academy, certification in Egypt

Tue, 11 Jun 2019 - 09:36 GMT

The institution said in a statement that it takes pride in transferring its knowledge and solutions to the Egyptian financial sector to further enhance the advancement of financial professionals.

Fitch affirms Egypt’s IDR at ‘B’ with positive outlook

Mon, 06 Aug 2018 - 04:10 GMT

Fitch attributed the ratings to progress achieved in executing the economic and fiscal reform program, greater macroeconomic stability and improving external finances.

Inflation rates match expectations, back to downtrend in August

Wed, 11 Jul 2018 - 08:54 GMT

The Central Agency for Public Mobilization and Statistics (CAPMAS) announced that annual consumer price inflation slipped to 13.8 percent in June 2018.

Business News Wrap-up

Tue, 27 Feb 2018 - 05:00 GMT

A wrap-up of the most prominent business news of the day

Fitch expects Egypt’s inflation to fall to 13% in 2018

Tue, 27 Feb 2018 - 02:56 GMT

Fitch anticipated in a report that the Central Bank of Egypt will cut rates further this year (another 200-300bps).