Arab Finance: Fitch Ratings announced that Egypt’s $35 billion deal with Abu Dhabi Developmental Holding (ADQ) will ease its external liquidity pressures and facilitate an adjustment of its exchange rate, as per a report.

This will support the advancement of the country’s deal with the International Monetary Fund (IMF) which would unlock further foreign funding, the agency stated.

The agency expects the increase in Egypt’s foreign-currency liquidity to facilitate an adjustment of its exchange rate, in addition to limiting the size of the adjustment and the risks of the currency overshooting.

However, it forecasts Egypt’s macroeconomic situation to remain difficult through 2024 and 2025, with a persisting inflation rate and relatively weak growth, constraining the country's credit profile.

Moreover, it expects the country’s debt interests to surpass 50% of government revenues in 2025, which is a high level compared to other Fitch-rated sovereigns.

Interest costs may drop if the Egyptian authorities manage to stabilize the macroeconomic environment, backed by reforms under the IMF program, Fitch said, expecting this process to take several years.

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