Cairo: Egypt's Finance Minister Ahmed Kouchouk announced that the country's credit rating has been upgraded by S and P from B- to B with a stable outlook, marking a first in seven years and reflecting growing international confidence in Egypt's economic reforms. Fitch also affirmed Egypt's rating with a stable outlook.

According to State Information Service Egypt, Kouchouk stated in a statement that international credit agencies are recognizing the government's commitment to fiscal and structural reforms. These reforms have resulted in boosted investor confidence and improved economic indicators, including increased private sector engagement.

Kouchouk emphasized that ongoing reforms will enhance Egypt's economic resilience and competitiveness, improve the quality of life, and help attract more domestic and foreign investment. Deputy Finance Minister Yasser Sobhi noted that Egypt's improved outlook is lowering international financing costs and attracting increased interest in both direct investment and government securities.

Both S and P and Fitch highlighted Egypt's primary surplus of 3.6% in the last fiscal year, falling debt levels, a flexible exchange rate, higher foreign direct investment inflows, and a projected GDP growth of 4.4% in 2025, up from 2.4% in 2024. The private sector investment reportedly grew by 70%, while tax revenue rose 35% without imposing additional burdens, aided by recent tax reforms.