Arab Today, arab today fitch downgrades egypt over political uncertainties
Last Updated : GMT 01:11:51
Arab Today, arab today
Arab Today, arab today

Fitch downgrades Egypt over political uncertainties

Arab Today, arab today

Arab Today, arab today Fitch downgrades Egypt over political uncertainties

Cairo - AFP

Fitch Ratings said it had downgraded Egypt\'s long-term foreign currency rating from BB- to B+ with a negative outlook because of increasing uncertainties over the political future of the country. It also downgraded the long-term local currency rating from BB to B+, also with a negative outlook, while affirming the short-term foreign currency rating at B. The downgrade and negative outlooks \"reflect increased uncertainties surrounding the political transition following (Thursday\'s) ruling by the Supreme Constitutional Court to annul parliamentary elections and dissolve parliament,\" a statement said. Whatever the outcome, \"the political and policy-making process has been complicated, delaying the likely implementation of the comprehensive macroeconomic and structural reforms needed to kick start recovery and ease financing strains\" said Richard Fox, head of Middle East and Africa sovereigns at Fitch. On Thursday, Egypt\'s transition to democracy was thrown into further disarray after its top court ordered parliament dissolved and allowed a disputed candidate to remain in a divisive presidential runoff due to take place Saturday and Sunday. Activists and political figures described the rulings as the final phase of a military coup that takes the transition back following the ouster last year of president Hosni Mubarak back to square one. Fitch said that, before the latest events, \"the economic situation had shown some signs of easing with, in particular, international reserves rising slightly in April and May after several months of sharp decline. \"However, the need to re-run parliamentary elections will, at the very least, delay the emergence of a workable and inclusive governance structure. Popular reaction to the dissolving of parliament remains unclear at this stage. \"Although the incumbent, military-appointed government will remain in position for the time being, it will need to come to a working arrangement with whatever president emerges from this weekend\'s elections. \"This will add a further element to Egypt\'s already complex political equation. Meanwhile, the re-writing of the constitution will be further delayed with the result that the new president\'s powers will be unclear and the longevity of any new parliament uncertain.\" It said the ratings \"will remain under downward pressure until political uncertainties begin to resolve, a functioning governance structure begins to take hold and an economic adjustment programme is put into place. \"A sustained outbreak of political violence or other political setbacks that make the transition to political stability longer, more uncertain or ultimately less likely to succeed would lead to a downgrade.\" It added that a downgrade could also occur if there were evidence that the prolonged political uncertainty was exerting a greater cost on the economy. \"By contrast, the emergence of a stable governing structure, which could focus on key economic and structural policy decisions, including progress toward an IMF agreement, would help to stabilise the rating.\"

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today fitch downgrades egypt over political uncertainties Arab Today, arab today fitch downgrades egypt over political uncertainties

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today fitch downgrades egypt over political uncertainties Arab Today, arab today fitch downgrades egypt over political uncertainties

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Barcelona through George Orwell’s eyes

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Tillerson heads to Gulf, downbeat

GMT 09:23 2017 Friday ,20 October

Tillerson heads to Gulf, downbeat
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Actress Shery Adel happy for Egypt’s qualification

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 06:43 2017 Wednesday ,18 October

Fake dentists ply brisk trade

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday