(The following statement was released by the rating agency)
HONG KONG/LONDON, August 01 (Fitch) Securing an IMF funding deal
would be credit
positive for Egypt, but implementation risks are high and the
country will
continue to face several economic challenges, Fitch Ratings
says. Egypt has
requested financial support, and an IMF visit to Cairo started
on 30 July. The
finance minister has said that Egypt is seeking USD12bn over
three years. If
negotiations are finalised during the two-week
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