ICEC

Moody’s says Egypt economy still recovering from 2011 uprising

An international credit rating agency says Egypt’s economy has started to improve but has yet to recover from the 2011 uprising and the years of unrest that followed.

In a Tuesday report, Moody’s hailed recent economic and fiscal reforms, saying they point to improved government effectiveness and policy predictability, but said weak finances remain a key challenge for the government.

Egypt embarked on an ambitious economic reform plan shortly after President Abdel Fattah al-Sissi took office in 2014.

The government has slashed subsidies, imposed a value-added tax and allowed a currency devaluation in order to qualify for a $12 billion bailout loan from the International Monetary Fund.

Moody’s says Egypt’s sovereign rating, unchanged at B3 stable, indicates the country’s credit strengths and challenges are balanced. Source: AP

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