Egypt will implement a package of financial, monetary and structural measures to deal with the high external financing needs of the Egyptian economy which prompted Standard & Poor’s Global Ratings to downgrade Egypt’s outlook to negative. The decision to keep Egypt’s credit rating in both local and foreign currencies at B, while downgrading the outlook from stable to negative, resulted from pressures related to foreign transactions as well as the economy’s exposure to external pressure. Egypt’s external financing needs amount to 17 B$ in 2023 and 20 B$ in 2024.
Source : Egypt Independent
