STORY: S&P upgrades Egypt's outlook to positive
SHOOTING DATE: File
DATELINE: March 20, 2024
LENGTH: 00:00:48
LOCATION: Cairo
CATEGORY: ECONOMY

SHOTLIST:
1. various of Central Bank of Egypt
2. various of Egyptian banknotes and U.S. dollars

STORYLINE:

S&P Global Ratings upgraded its credit outlook on Egypt to positive from stable, maintaining Egypt's debt rating at "B-/B," according to a statement released by the rating agency late Monday.
   
The changes in the global rating agency's view of the Egyptian economy came after Cairo had secured a 35 billion U.S. dollars investment from the United Arab Emirates (UAE), along with international commitments and financing exceeding 50 billion dollars.
   
The funds acquired by Egypt, expected to be obtained in the coming years, have facilitated the implementation of the highest interest rate hike ever and the fourth currency devaluation since early 2022.
  
In March, the Central Bank of Egypt raised its interest rates by 600 basis points and said it would allow the exchange rate to be determined by the market.

The agency referred that the positive outlook reflects the possibility of further improvement in Egypt's external situation and easing the severity of the foreign currency shortage, adding that market-driven exchange rate determination will help boost GDP growth and support the government's plan to stabilize public finances.
  
Xinhua News Agency correspondents reporting from Cairo.
(XHTV)