Egypt’s Finance Ministry highlights stronger fiscal stability, reserves and growth after Moody’s upgrades Egypt to B3.
The agency also raised the government’s foreign-currency senior unsecured ratings to B3 from Caa1.
Importers face continued pressure from volatile exchange rates and global supply chain disruptions, which affect purchasing costs, delivery schedules and product availability.
The joint statement on launching negotiations was signed by Egypt’s Minister of Investment and Foreign Trade Mohamed Farid and his South Korean counterpart during a meeting between President Abdel Fattah El-Sisi and South Korean President Lee Jae Myung.
Fitch said the improvement in Egypt’s external position reflects stronger financing of the current-account deficit through foreign direct investment and external borrowing.
