Source - SMW
Fitch Ratings has revised the outlook on Egypt's long-term foreign currency issuer default rating  to positive from stable and affirmed the IDR at 'B'. 

Fitch said: 'The government made significant progress with its reform programme in 2017 and remains on track with the US$12bn three-year extended fund facility (EFF) signed with the IMF in November 2016. 

'Fiscal consolidation is proceeding, although it will require a multi-year effort to reverse the increase in general government debt/GDP witnessed since the Arab Spring uprisings. 

'The Central Bank of Egypt's exchange rate reform has proved a turning point for the economy and Egypt's external finances; and macroeconomic stability has started to improve following an inflationary spike.'