Rating agency says that the victory of Field Marshal
The victory of Field Marshal
The credit rating agency noted that Al-Sisi's victory "was not in doubt".
The agency stated, however, that the voter turnout, around 46%, was lower than the 52% reached at the election won by ousted president
"A very high turnout might have enhanced the legitimacy of the return to military rule in domestic and international eyes, but we do not think economic policy, or Egypt’s relations with GCC countries that have provided grants and loans following the removal of President Morsi, will be affected," the credit rating agency added.
Fitch Ratings pointed out that the government's actions, along with Al-Sisi's broad pronouncements, indicate that the authorities are focusing on the risks of popular opposition to fiscal consolidation, which would initially focus on subsidies.
According to Fitch Ratings, Egyptian authorities will proceed with taking small steps towards implementing subsidiary reforms to control consumption.
On Monday, the
According to the fiscal year (FY) 2014/2015 budget, public spending is targeted at
Earlier this month, international rating agency Standard and Poor's affirmed
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