Prime Minister Announces Decrease in Egypt’s Total Debt

Egypt’s external and total debt has dropped to 89%, according to an announcement by Prime Minister Dr. Mostafa Madbouly. The announcement was made alongside news that Egypt’s credit rating has been upgraded to ‘B’ by Fitch Ratings, after its successful implementation of a flexible exchange rate.

During a press conference at the Cabinet headquarters, Dr. Madbouly highlighted that the International Monetary Fund (IMF) estimates indicate a downward trend in inflation within Egypt. He also noted that Kristalina Georgieva, Managing Director of the IMF, commended Egypt's Hayah Karima initiative to improve the infrastructure of rural areas, calling it a "groundbreaking" effort to improve the lives of Egyptians across the country.