Fitch Ratings upgrades Egypt's outlook to positive amid economic reforms

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Fitch Ratings upgrades Egypt's outlook to positive amid economic reforms

STORY: Fitch Ratings upgrades Egypt's outlook to positive amid economic reforms SHOOTING TIME: File footage DATELINE: May 5, 2024 LENGTH: 00:00:55 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. file footage of the Central Bank of Egypt STORYLINE: Global ratings agency Fitch upgraded Egypt's outlook from stable to positive on Friday. The ratings agency revealed the key drivers behind the positive outlook include reduced external vulnerability as Egypt has seen a significant reduction in near-term external financing risks, attributed to the Ras El Hekma deal with the United Arab Emirates (UAE), the adoption of a flexible exchange rate, and tighter monetary policies. Xinhua News Agency correspondents reporting from Cairo. (XHTV)

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