Moody’s: Egypt economy still recovering from 2011 uprising

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An international credit rating agency says Egypt’s economy has started to improve but has yet to recover from the 2011 uprising and the years of unrest that followed.

In a Tuesday report, Moody’s hailed recent economic and fiscal reforms, saying they point to “improved government effectiveness and policy predictability,” but said weak finances remain a “key challenge” for the government.

Egypt embarked on an ambitious economic reform plan shortly after President Abdel-Fattah el-Sissi took office in 2014. The government has slashed subsidies, imposed a value-added tax and allowed a currency devaluation in order to qualify for a $12 billion bailout loan from the International Monetary Fund.

Moody’s says Egypt’s sovereign rating, unchanged at B3 stable, indicates the country’s credit strengths and challenges are balanced.

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