Egypt retains the region’s highest economic strength assessment, despite a series of negative shocks, according to an outlook published by credit ratings agency Moody’s on Monday. That said, “social stability considerations in the face of unpopular subsidy reforms could slow the government’s reform momentum,” Moody’s claimed. The debt ratio is expected to peak at 105.9% of GDP in 2017, before declining to 105.5% in 2018. “We project current account deficits of 7.5% and 6.0% in Egypt for 2017 and 2018,” Moody’s said. Foreign exchange reserve inflows have already increased since June, when import coverage stood at 2.5 months.

Source: Daily News Egypt January 16, 2017 15:03 UTC