Regional Forum in Dubai to Discuss AI, COVID-19 Impact on Workplace

  • Date: 22-Oct-2023
  • Source: Asharq AL-awsat
  • Sector:Healthcare
  • Country:UAE
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Regional Forum in Dubai to Discuss AI, COVID-19 Impact on Workplace

S&P Expects Israel-Gaza War to Affect Egypt’s Economy, Downgrades its Rating

Global rating agency S&P on Friday downgraded Egypt's long-term sovereign credit rating by one notch to "B-”, citing the country's mounting funding pressures.

The Agency expected the country’s economy to be affected by the ongoing war between Israel and Gaza since the seventh of October.

“Our current base case is that the conflict will likely be largely contained to Israel and Gaza. However, given its border with Gaza, and its control of the Rafah crossing, Egypt is directly affected.”

“The shutdown of Israel's Tamar gas platform has already reduced Egypt's gas imports to 650 million cubic feet per day (cf/d) from 800 million cf/d, reducing Egypt's ability to meet domestic demand and export liquefied natural gas.”

“Slow progress on key monetary and structural reforms has delayed the disbursement of multilateral and bilateral funds critical to covering Egypt's high external funding needs.”

"The stable outlook balances the risk that the Egyptian authorities may be unable to finance high external debt redemptions," S&P said.

Commenting on S&P's decision, Egypt's Minister of Finance Mohamed Maait stated that the government is pursuing more reforms and structural measures in the next period to cope with the economic challenges from both internal