The international credit rating agency, Standard & Poor's, has affirmed Egypt's credit rating in both local and foreign currencies at (B).
The agency maintained a stable outlook for the Egyptian economy for the fourth time in a row since the start of the coronavirus (Covid-19) pandemic.
The agency expected the Egyptian economy to grow by 5.5% during the fiscal year 2024/2023, supported by the recovery of the tourism sector with the return of Russian, English and Italian tourism to the Red Sea region, in addition to Expecting an increase in government and private investments and continued implementation of financial and economic reforms.
The agency also suggested that the overall public budget deficit would decline to 6.8% of GDP during the current fiscal year, based on the acceleration in tax revenue growth, as well as the continued achievement of a surplus. initial value of about 1.5% of GDP.
Standard & Poor's indicated that Egypt's accession to the (GB. Morgan) index at the end of next January will support the injection of new additional investments into the government securities market.
