×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: ML | Egypt | Economy

Moody's Raises Egypt Credit Outlook, Citing Reform Progress

Wednesday, 29 August 2018 06:38 AM EDT

CAIRO (AP) — An international credit rating agency has raised Egypt's credit outlook to positive from stable, citing progress in its ambitious economic reform plan backed by the International Monetary Fund.

In a Tuesday report, Moody's affirmed the country's long-term issuer rating at B3, six levels below investment grade. However, it said the positive outlook signals that a downgrade is "currently very unlikely."

It said "the substantial progress made by the government in implementing reforms agreed with the IMF has imparted a degree of financial stability not present earlier in the decade."

Egypt embarked on a reform program shortly after President Abdel-Fattah el-Sissi took office in 2014. The government has slashed subsidies, imposed a value-added tax and allowed a currency devaluation in order to qualify for a $12 billion bailout loan from the IMF.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


GlobalTalk
An international credit rating agency has raised Egypt's credit outlook to positive from stable, citing progress in its ambitious economic reform plan backed by the International Monetary Fund.In a Tuesday report, Moody's affirmed the country's long-term issuer rating at...
ML,Egypt,Economy
133
2018-38-29
Wednesday, 29 August 2018 06:38 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved