Fitch maintains Egypt's sovereign rating at B with stable outlook

Fitch Ratings maintained Egypt's long-term sovereign credit rating at B with a stable outlook in a review published Thursday.

• Fitch kept Egypt's long-term sovereign rating at B with a stable outlook, also holding the short-term rating at B in foreign and local currency.
• Fitch said foreign reserves rose about $5.5 billion in the first eight months of 2026 to $54.4 billion.
• Fitch said the pound lost over 14% against the dollar after more than $6 billion exited foreign debt holdings amid the Iran war, without currency controls being imposed.
• Fitch projected GDP growth of 5.1% in fiscal year 2025/2026 and said the IMF's extended and sustainability programs end in November 2026.
• Fitch said foreign holdings in Egyptian treasury bills reached a record $55 billion by end of June.
• Fitch said the pound hit a record near 55 per dollar before recovering to trade between 49 and 53 in banks.
• Finance Minister Ahmed Kouchouk said debt service remains Egypt's biggest challenge, adding falling interest rates will sharply reduce its bill.
• Finance Minister Ahmed Kouchouk said the budget deficit narrowed to 5.8% of GDP in fiscal 2025-26 from 7.2%, and the primary surplus rose to 4.9%.