EconSource: Moody’s Upgrades Egypt’s Outlook to Stable

On Monday, International credit ratings agency Moody’s upgraded Egypt’s outlook to stable from negative. This is expected to make the country’s struggling economy more hospitable to international investors. The decision was based on the country’s improved political stability, fiscal consolidation and signs of growth recovery. It remains limited by high fiscal deficits and government debt levels. A factor in upgrading the country’s rating was also the strong support from external donors. [Ahram Online]

Tunisia to lift retirement age to ease fiscal plight
Tunisia is expected to raise the normal retirement age by two years in 2015 in order to reduce the deficit in the country’s social security funds. According to the finance minister, this is part of the economic reforms designed to stabilize the state’s finances. It remains uncertain if the reform will go ahead as the new government will reshuffle the cabinet and could choose other priorities. [The Daily Star]

Egypt planning minister calls for legal review, “economic revolution”
According to Egypt’s Planning Minister, Egypt needs an “economic revolution” in order to recover from the damages caused by political instability. The country seeks to attract billions of dollars in foreign investment and repair its state finances. He added that in order to compensate for the losses and be able to compete globally, Egypt has to overhaul a state dominated economy and show investors it is committed to safeguarding their money. [Reuters]

Morocco’s growth to reach 4.4 % in 2015: Minister
The Moroccan minister delegate for Budget said during a meeting on “Issues and Challenges of the National Economy” that Morocco’s economy growth rate is expected to reach 4.4 percent in 2015. He clarified that the targeted rate was based on an average oil price of $103/barrel and a 4.3 percent budget deficit. In 2015, the government is expected to focus on improving growth and supporting private investments while also expanding social security. [MAP]

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