Tunis:Moody's has raised Egypt's credit rating to "B3" with a positive outlook. This upgrade follows affirmations of Egypt's existing credit ratings by both Fitch and Standard & Poor's.

According to State Information Service Egypt, the upgrade signals improved perceptions among markets and rating agencies about the Egyptian economy. This optimism is attributed to recent economic and fiscal reforms, which have resulted in enhancements in growth indicators, fiscal and budgetary metrics, and a decrease in the government debt-to-GDP ratio.

The priorities for Egypt remain focused on implementing balanced fiscal policies that promote strong growth and generate job opportunities while advancing inclusive development. These efforts are aimed at sustaining fiscal improvements and ensuring long-term government debt sustainability.

Key objectives include targeting high economic growth rates, achieving a significant primary surplus, and increasing budget revenues by expanding the tax base and simplifying procedures. There is also a focus on reducing the debt-servicing ratio relative to GDP and total expenditures, while maintaining a declining trend in the budget-sector debt-to-GDP ratio.

Egypt is committed to consistent economic and fiscal policies to achieve these goals, creating significant fiscal space in the coming years and fostering robust, employment-driven growth led by the private sector.