It said the upgrade underscores Egypt’s progress in fiscal consolidation, stronger macroeconomic indicators, and expanded access to external financing, alongside expectations for a sustained improvement in economic growth over the coming period.
S&P Global has upgraded Egypt’s sovereign credit rating to “B” from “B-”, with a stable outlook, reflecting the country’s improving fiscal and economic performance following a series of structural reforms implemented over the past 18 months.
In a statement cited by Reuters, the agency said the upgrade underscores Egypt’s progress in fiscal consolidation, stronger macroeconomic indicators, and expanded access to external financing, alongside expectations for a sustained improvement in economic growth over the coming period.
S&P praised Egypt’s reform measures, including the liberalization of the exchange rate, efforts to enhance the efficiency of the subsidy system, expand private sector participation, and attract foreign direct investment through the state’s IPO program and international partnerships.
The agency also noted that Egypt is likely to continue its fiscal discipline strategy, albeit gradually, adding that the economy is now showing signs of stability after a period of intense domestic and external challenges.
The upgrade represents a strong vote of confidence from international financial institutions and investors in Egypt’s economic resilience and reform trajectory, reinforcing expectations of sustainable recovery and growth in the years ahead.
