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Egypt’s GDP growth forecast at 4% from 2017-2020
Implementation of VAT as replacement for current sales tax is the cornerstone of revenue-side reforms in Egypt, says Mathias Angonin
Introduction of VAT has been delayed, according to agency
Egyptian deficits still remain high when compared to other countries at similar rating levels
Bank Misr, Crédit Agricole, Banque Misr also among market leaders for treasury bills and bonds
“A very high turnout might have enhanced the legitimacy of the return to military rule in domestic and international eyes,” the credit agency says
Putting the country’s investment-grade rating at risk
Total spending rose to 33.5% of GDP in FY 2013 (up from 30.3% of GDP in FY 2010), as wages and subsidies spending surged (75% of the total), an issue the report said would be difficult to tackle given its political sensitivity.
Egypt’s Long-term ratings of ‘B-’ are low and reflect substantial risks and challenges.
Egypt’s Caa1 sovereign rating kept with negative outlook