Cairo - Mubasher: Capital Intelligence Ratings (CI) has affirmed the long-term foreign and local currencies rating of Egypt at “B+”. The outlook on the rating is stable.
The Cyprus-based rating agency has also maintained the North African nation’s short-term currency rating at “B”, CI said in a recent report on Sunday.
Egypt’s economy has seen a significant improvement over the course of the previous year, encouraged by implementing the economic reform programme, it added.
The Arab world's most populous country has kicked off the International Monetary Fund (IMF)-backed reform programme in November 2016, which involved currency float and the lifting of fuel subsidy.
The IMF projected Egypt’s economy to grow 5.3% in 2018 and 5.5% this year.
