Moody’s upgrade of Egypt’s sovereign credit rating to B3, with a positive outlook, following the recent affirmation of Egypt’s ratings by S&P Global Ratings and Fitch Ratings, reflecting progress in economic reform as well as fiscal consolidation and debt reduction efforts.
Our priority remains to adopt balanced fiscal policy that can support higher economic growth and job creation while sustaining durable primary surpluses, strengthening revenue mobilization through business friendly measures, maintaining trust and improving services with tax payers, and putting government debt and interest bill on a sustained downward path as percent of GDP. We will continue to advance consistent policies and reforms that improve debt sustainability , expand fiscal space, and support private sector-led growth.