Egypt's credit outlook revised to 'negative', as Red Sea attacks hit Suez Canal revenues

Egypt's credit outlook has been revised from "stable" to "negative" by ratings agency Moody's, amid a worsening currency and debt crisis in the country. "A significant increase in interest payments and mounting external pressure have complicated the macroeconomic adjustment process," Moody's said in a statement late on Thursday. Last year, Cairo initially agreed a $3bn rescue package with the International Monetary Fund (IMF) to revive the flagging economy, under stringent monetary and fiscal conditions. The IMF delayed the payments of $700m of that due in 2023, however, after Egypt did not float its currency or make strides in selling state assets. Despite the stalling, in recent weeks Egypt has been in talks with the IMF to significantly increase the package, particularly given the impact of the Israel-Palestine war on Cairo's economy.

https://www.middleeasteye.net/news/egypt-credit-outlook-negative-suez-canal-revenues-drop

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