CNBC _ On Friday, October 16, Moody's upgraded Egypt's credit rating to B3 while maintaining a positive outlook.
The upgrade of the credit rating is driven by fiscal consolidation efforts and structural reforms in Egypt.
The agency stated that "Egypt's transition to a flexible exchange rate and a tighter monetary policy has bolstered foreign reserves and the economy's shock absorption capacity."
Moody's pointed out that "Egypt's positive outlook is based on the likelihood of accelerating the pace of reducing the debt and interest burden at a faster pace than our baseline expectations."
The agency projected that "the Egyptian government will continue its fiscal consolidation measures after the expiration of the current IMF program in December 2026."
