Fitch revises Egypt to positive

Fitch Ratings said it revised the outlook on Egypt's long-term foreign-currency issuer default rating to positive from stable and affirmed the rating at B.

Fitch said the government made significant progress with its reform program in 2017 and remains on track with the $12 billion three-year Extended Fund Facility (EFF) signed with the IMF in November 2016.

“Fiscal consolidation is proceeding, although it will require a multi-year effort to reverse the increase in general government debt/GDP witnessed since the Arab Spring uprisings,” the agency explained in a news release.

“The Central Bank of Egypt's (CBE) exchange rate reform has proved a turning point for the economy and Egypt's external finances; and macroeconomic stability has started to improve following an inflationary spike.”

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