{"id":225886,"date":"2022-05-29T21:00:00","date_gmt":"2022-05-29T21:00:00","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=225886"},"modified":"2022-05-30T06:16:47","modified_gmt":"2022-05-30T06:16:47","slug":"moodys-egypt","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/moodys-egypt\/","title":{"rendered":"Moody&#8217;s adjusts its outlook for Egypt from stable to negative"},"content":{"rendered":"<p style=\"text-align: justify\"><strong>Doha, (Business News Report)|| <\/strong>Moody&#8217;s, the credit rating agency, revised its outlook for the Arab Republic of Egypt from stable to negative.<\/p>\n<p style=\"text-align: justify\">Meanwhile, Moody&#8217;s affirmed rating of Egypt at (B2).<\/p>\n<p style=\"text-align: justify\">The agency emphasized that the negative outlook reflects the increasing side risks of Egypt&#8217;s ability to absorb external shocks.<\/p>\n<p style=\"text-align: justify\">Moody&#8217;s said that the tight global financing conditions increase the risks of weak cash flows compared to Moody&#8217;s current expectations to support Egypt&#8217;s external situation.<\/p>\n<p style=\"text-align: justify\">The agency explained that Egypt&#8217;s strong trend towards GDP growth supports economic flexibility and the possibility of attracting foreign direct investment.<\/p>\n<p style=\"text-align: justify\">Egypt&#8217;s economy was hit after Russia&#8217;s invasion of Ukraine and US interest rate hikes prompted foreign investors to flee emerging markets.<\/p>\n<p style=\"text-align: justify\">Russia and Ukraine were also major exporters of wheat to Egypt, and a major source of tourist influx.<\/p>\n<p style=\"text-align: justify\">The Egyptian government estimated the direct and indirect cost of the Russian-Ukrainian war on the state budget annually at about 465 billion pounds (about $25.5 billion), according to statements by the Egyptian Prime Minister.<\/p>\n<p style=\"text-align: justify\">The Central Bank of Egypt raised interest rates by 2% last Thursday, in an attempt to contain inflationary pressures, and to attract foreign investments in dollars for government debt instruments, after billions of dollars came out following the Russian-Ukrainian crisis.<\/p>\n<p style=\"text-align: justify\">Egypt lowered its forecast for the target growth rate in the next fiscal year, which begins on July 1, to 4.5%, according to previous statements by Prime Minister Mostafa Madbouly, which is lower than the 5.5% expected last March.<\/p>\n<p style=\"text-align: justify\">According to what was announced by the Egyptian Minister of Planning Hala Al-Saeed, the country&#8217;s economic growth in the first nine months of the current fiscal year amounted to 7.8%, compared to 1.9% a year ago, and it is expected that growth throughout the year will reach about 6.2%.<\/p>\n<p style=\"text-align: justify\">The growth of the economy in Egypt reached 3.3% for the last fiscal year 2020-2021, which witnessed the spread of the Coronavirus pandemic.<\/p>\n<p style=\"text-align: justify\">Al-Saeed addressed the sectoral growth rates during the first nine months of the current fiscal year, noting that there was a noticeable improvement in all economic activities during this period.<\/p>\n<p style=\"text-align: justify\">Meanwhile, the leading sectors for growth were: the restaurants and hotels sector, which witnessed a growth of 62.8%, telecommunications by 16.4%, the Suez Canal by 13%, the manufacturing industry by 10.3% and construction and building by 8.2%.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Doha, (Business News Report)|| Moody&#8217;s, the credit rating agency, revised its outlook for the Arab Republic of Egypt from stable to negative. Meanwhile, Moody&#8217;s affirmed rating of Egypt at (B2). The agency emphasized that the negative outlook reflects the increasing side risks of Egypt&#8217;s ability to absorb external shocks. Moody&#8217;s said that the tight global [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":225887,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[160,278,8559],"class_list":["post-225886","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-egypt","tag-featured","tag-moodys"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Moody&#039;s adjusts its outlook for Egypt from stable to negative | BNReport<\/title>\n<meta name=\"description\" content=\"BNReport| Moody&#039;s, the credit rating agency, revised its outlook for the Arab Republic of Egypt from stable to negative.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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