Moody's maintained Egypt's long-term foreign and local currency credit rating at Caa1, maintaining a positive outlook.
The agency indicated that its positive outlook, in place since March 2024, continues to reflect the prospects for an improvement in Egypt's debt service burden and Egypt's external situation. She revealed that Egypt has made important progress in rebalancing externally and financially.
The agency noted the increasing credibility and effectiveness of monetary policy as the central bank maintains a consistent stance on monetary policy with inflation targeting and the exchange rate floating system. She also appreciated the government's efforts to consolidate fiscal conditions and boost tax revenues, with the aim of achieving a primary surplus of 3.5 percent of GDP.
Source (CNBC Arabia Website, Edited)
