US based credit rating agency Standard and Poor’s (S&P) on Friday affirmed its “B/B-” long and short-term foreign and local currency sovereign credit ratings for Egypt, with a stable outlook. Egypt’s real GDP is projected to continue to grow at a moderate rate of just under 4% on average from 2017-2020. According to the statement, Egypt’s fiscal deficit is projected to decline to around 8.6% from the current 12% in the 2017-2020 period. The statement concludes that if GDP growth exceeded the forecasted levels, and if Egypt’s fiscal and external positions were improved, the ratings would be raised. However, S&P would lower the current rating if current account financing, including from the Gulf Cooperation Council (GCC) countries, became less forthcoming.

Source: Daily News Egypt May 13, 2017 17:03 UTC