The Agency noted in a report that the Suez Canal represented almost 2 percent of Egypt’s GDP on average pre-pandemic, providing a significant contribution to total current account receipts.
‘The stable 2021 outlook for Egypt's banking system balances profitability and loan book pressures against sound liquidity and a stable government credit profile,” it stated.
“The credit profile of Egypt (issuer rating B2) is supported by "a3" economic strength, reflecting the country's large and diversified economy," it added.
Egypt succeeded in reversing the external debt curve, to record a decline for the first time in more than 4 years.
Turkey's deteriorating conditions are the reason.
Ma’it clarified Thursday that the economic reform program provided a measure of resilience to the Egyptian economy that enables it to interact with internal and external challenges and shocks.
It added that relatively low levels of foreign currency-denominated and external government debt also support Egypt's credit profile.