12:36 p.m
Tuesday, March 19, 2024
Books – Ahmed Abdel Moneim:
Standard & Poor’s credit rating agency revealed the reasons for modifying its future outlook for Egypt from stable to positive.
The agency’s change in outlook comes after the Ras al-Hikma deal and Egypt’s receipt of direct investment worth $35 billion from the UAE, which led to an increase in international flows, pledges, and financing, which exceeded the $50 billion barrier.
The agency identified the second reason for amending its view, which is the determination of the exchange rate by market forces, and said that it helped drive the growth of the gross domestic product, and over time supported the government’s plan to adjust public financial conditions.
The agency indicated that the positive expectations reflect the possibility of achieving further improvement in Egypt’s external situation and alleviating the shortage of foreign currencies.
Standard & Poor’s credit rating agency revised its outlook and fixed its rating on Egypt’s debt at “B-/B.”
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