RIYADH: Egypt’s economy witnessed an uptick in ratings as S&P Global upgraded its outlook for the country to positive from stable. The US-based firm also affirmed Egypt’s debt rating at “B-/B,” according to a statement. This move is indicative of the fact that the country currently has the capacity to meet its financial obligations but faces ongoing uncertainties. In a statement, the agency said: “We see the exchange rate liberalization, alongside Egypt’s stated commitment to stick to ambitious budgetary consolidation targets, as a key step in shoring up confidence and growth in Egypt’s economy and its debt sustainability.” However, S&P expects the country’s gross domestic product growth to dwindle to about 3 percent in the current fiscal year, driven by the limited foreign currency availability, high inflation, and tight monetary policy, but to rebound from 2025 onward to 3.8 percent. The agency also forecasted that increased foreign currency availability resulting in reduced restrictions on foreign exchange could also prompt an upgrade. Earlier this month, the International Monetary Fund approved increasing a support program for the country from $3 billion to $8 billion following the liberalization of the exchange rate and the raising of interest rates. This also comes after the nation obtained an investment worth $35 billion from the UAE in February to develop a stretch of its Mediterranean coast. The agreement with Abu Dhabi Developmental Holding Co., the smallest of the emirate’s three main sovereign investment funds, seeks to develop the Ras El Hekma peninsula, potentially attracting as much as $150 billion in investments, Egyptian Prime Minister Mostafa Madbouly said in press conference at that time. Similarly, Egypt is set to receive €7.4 billion ($8 billion) in aid from the EU to support its economy until 2027 amidst conflicts in Gaza and Sudan, according to reports.