Standard & Poor’s credit rating agency expected that the Gulf countries would provide additional economic aid to Egypt if the economic situation needed it.
In a recent report, the Foundation said, “We assume that any external funding gaps will be covered by additional support from the GCC government. This is despite media reports that the GCC countries are pressuring Egypt to implement reforms before disbursing funds to buy companies.” Egyptian state-owned.
With regard to external financing, Standard & Poor’s expects that net inflows into the financial account will be sufficient to offset the current account deficit during the period up to fiscal year 2026, while keeping the total reserves of the Central Bank of Egypt at around $32 billion on average.
And she continued: “The International Monetary Fund has a more optimistic view, as it expects that the total reserves will reach $ 64 billion during the same period, with an improvement in the balance of payments and the disbursement of program financing.” , with the remainder of foreign direct investment from GCC countries and other parties, some portfolio flow revenues, and net external borrowing largely met by multilateral and bilateral lenders.
This article was originally published by RT.