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" Fitch"

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Business - Economy
2/1/2024 8:35:31 PM
​Global investment banks Goldman Sachs and Pictet Asset Management issued recommendations urging investors to purchase Egypt's US dollar-denominated bonds, according to a report by Bloomberg.

Business - Economy
1/31/2024 3:28:49 PM
As Egypt is facing a tough economic situation, various global economic institutions have given different projections for Egypt's real GDP growth in 2024.

Business - Economy
1/22/2024 6:05:09 PM
Global credit rating agency Moody's has expected the International Monetary Fund (IMF) to increase its existing $3 billion loan programme for Egypt to $10 billion, according to a recent report by the agency.

Business - Economy
1/16/2024 6:12:00 PM
Egypt's geopolitical significance demonstrated through its role as a mediator in containing Israel's conflict in Gaza is expected to draw increased foreign financial support, potentially exceeding $5 billion, according to Ramona Moubarak, the head of MENA Country Risk at Fitch Solutions.

Business - Economy
1/7/2024 2:00:50 PM
Egypt’s real GDP growth is projected at 4.1 percent in 2024 and the US dollar exchange rate to jump to EGP 39.7 through end of the year, BMI Country Risk and Industry Analysis, one of Fitch Solutions’ services, said in a new report shared with Ahram Online.

Business - Economy
12/16/2023 7:32:13 PM
Despite Egypt’s racing time to fulfill its commitments under the $3 billion loan deal with the International Monetary Fund (IMF), 2023 witnessed no progress from the Egyptian side in terms of the completion of the first and second reviews under the programme.

Business - Economy
12/12/2023 7:09:44 PM
Egypt’s average inflation is expected to decline to 27.4 percent in 2024 from 34.1 percent in 2023, according to a report by BMI Research, a subsidiary of Fitch Solutions.

Business - Economy
12/3/2023 11:10:39 AM
The African Development Bank (AfDB) announced a financial package of $148 million to support the Commercial International Bank of Egypt (CIB) in its endeavors to strengthen small and medium enterprises (SMEs) and facilitate trade.

Business - Economy
11/5/2023 5:33:58 PM
Egypt is slated to secure a total of $5.5 billion in loans from diverse international partners and institutions, according to a recent report by the global rating agency Fitch.

Business - Economy
11/4/2023 4:24:45 PM
Minister of Finance Mohamed Maait said that Fitch's latest move lowering Egypt’s credit rating reflects the country’s struggle against extreme external pressures resulting from complex global challenges including geopolitical tensions, according to a statement on Saturday.

Business - Economy
10/25/2023 4:20:19 PM
The Israeli war on Gaza has driven the Egyptian pound down to a record low on the parallel market, where it is now trading for EGP 46 against the US dollar, said Ramona Moubarak, head of MENA Country Risk at Fitch Solutions.

Business - Economy
10/18/2023 6:11:41 PM
Fitch Ratings has placed Israel’s sovereign debt ratings on Rating Watch Negative (RWN), attributing its decision to the increasing risk of escalating the ongoing conflict with Hamas, the rating agency said in a report on Tuesday.

Business - Economy
10/8/2023 7:01:39 PM
Fitch Solutions expected that the Egyptian pound will be devaluated by 18.6 percent to reach around EGP38 against the US dollar by the end of the current year 2023.

Business - Economy
8/2/2023 4:33:49 PM
Fitch has downgraded its credit rating for the United States, becoming the second of the top-three ratings agencies to strip the country of a top AAA rating. The impact upon the world's top economy is likely to be just symbolic, at least immediately.

Business - Economy
8/2/2023 10:46:12 AM
Fitch downgraded the United States' top-notch credit rating by a step on Tuesday, citing a growing federal debt burden and an "erosion of governance" that has manifested in debt limit standoffs.

Business - Economy
5/28/2023 1:02:03 PM
France is in "very close talks" with debt rating agency Standard and Poor's, Prime Minister Elisabeth Borne said Sunday, after a downgrade from rival Fitch reignited government finance concerns in the EU's second-largest economy.

Business - Markets & Companies
5/25/2023 11:45:32 AM
Most Asian equities sank Thursday on fears of a US default as the struggle to hammer out a debt deal led Fitch to warn the country's gold-plated credit rating was at risk.

Business - Economy
5/17/2023 9:10:15 PM
Fitch Ratings downgraded on Wednesday four Egyptian banks' Long-Term Issuer Default Ratings (IDRs) to 'B' from 'B+' and Viability Ratings (VRs) to 'B' from 'B+', and maintained their outlooks as Negative.

Business - Economy
5/14/2023 2:59:05 PM
Fitch Solutions said that the fourth Egyptian pound devaluation will occur in the context of progress on the divestment strategy Egypt is enacting. Egypt is currently working on reducing the government footprint in the economic activity for the private sector; chiefly through its initial public offering (IPO) and privatization programmes.

Business - Economy
5/6/2023 6:38:31 PM
Minister of Finance Mohamed Maait attributed Fitch Ratings' decision to downgrade Egypt's sovereign credit rating -- giving it a Negative Outlook --to the country's continuous struggle against the extreme external pressures resulting from complex global challenges.

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