Ratings agency Fitch upgraded on 21 March Egypt’s long-term credit rating by one notch to B+ from B on the back of “progress in implementing economic and fiscal reforms, which are driving improved macroeconomic stability, fiscal consolidation and stronger external finances.” The new rating remains four notches below investment grade, however.

Egypt is currently in the last year of a $12bn loan agreement with the IMF (MEES, 8 February).

Fitch forecasts real GDP growth will...