Fitch Revises Egypt’s Outlook to Negative; Affirms at ‘B+’
The international financial rating agency Fitch Rating has announced that it has revised Egypt’s outlook to negative; ‘B+’.
The international financial rating agency Fitch Rating has announced that it has revised Egypt’s outlook to negative; ‘B+’.
In a press conference held on Wednesday to discuss the economic repercussions of the recent decline of the Egyptian pound, Prime Minister Mustafa Kemal Madbouli announced that the government has decided to put in place a new set of social measures to protect the purchasing power of Egyptians.
The regional director of an international fertiliser company in Egypt has announced that the new increase in the price of imported gas, supplied by the government to nitrogen fertiliser factories, from 5.75 to 7.8 dollars per million thermal units, will contribute with about 1.5 billion pounds (about 80 million dollars) into the Egyptian public treasury.
Egypt’s Council of Ministers has announced that negotiations with the International Monetary Fund (IMF) are on track and that an agreement will soon be reached.
In order to boost its foreign exchange reserves and to cope with the economic crisis caused by the war in Ukraine, Egypt has decided to reduce street lighting to save energy and export more gas.