Moody's has raised Egypt's credit rating to B3 with a positive outlook. In a statement published by the Egyptian Tax Authority, the Ministry of Finance attributed the upgrade to economic and fiscal reforms that, in its words, have stabilised public finances, strengthened reserves and accelerated economic activity.
The ministry cited three indicators: government debt reduced to 81.9% of GDP in June 2026; net international reserves of USD 57 billion in September 2026; and tax revenues rising to 13% of GDP, an increase of 1.6% of GDP over two years, which it said was achieved without additional burdens.
The statement also acknowledged high debt-service costs and said the ministry will work to reduce them faster, improve the business environment, increase private investment and create fiscal space for more spending on health, education and targeted social protection.
Source: Egyptian Ministry of Finance (via the Egyptian Tax Authority)