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Moody’s Maintains Egypt’s B2 Credit Rating

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Moody's Maintains Egypt's B2 Credit Rating

Egypt has maintained its B2 credit rating with Moody’s global credit rating agency.  That rating depicts a stable outlook.  The ratings agency says this was a result of the country’s diversified economy and adequate foreign exchange reserves.

Moody’s says Egypt has adopted policies that brought inflation under control and kept interest rates low, for a faster economic recovery.

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Egypt’s economic reform program of the past five years has been successful. The country is one of few countries in the northern African region that have managed to hold their own during the economic fallout caused by the COVID-19 pandemic.

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Experts say the country’s economic policies during the Coronavirus outbreak has kept interest rates low, thereby keeping prices and inflation rates low.

Moody’s forecasts, good performance in the medium term and predicts an impressive economic growth of five and a half percent next year, up from the current three percent.

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African News

Zimbabwe Intercity Travel Resumes

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Zimbabwe Intercity

READ:  Storms Bring Widespread Floods To Egypt, Killing Five
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Uganda ‘To Begin Human Trials’ Of COVID-19 Vaccine

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Uganda 'To Begin Human Trials' Of COVID-19 Vaccine

Uganda is set to start human trials of a COVID-19 vaccine starting in November as the country continues to fight against the pandemic.

The vaccine trials are a partnership exercise between Uganda’s Virus Research Institute and the United Kingdom’s Imperial College.

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Uganda has recorded more than 7,000 coronavirus cases and 75 fatalies so far.

According to BBC, Monica Musenero who is the head of a presidential taskforce on epidemics is quoted as saying the first trial will be conducted on 10 Ugandans.

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She added that if successful, a second trial will involve about 100 to 200 persons followed by a final trial of between 1,000 and 3,000 persons.

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WFP Seeks Aid For South Sudan Flood Relief

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WFP Seeks Aid For South Sudan Flood Relief

Heavy seasonal rainfall, followed by devastating floods in South Sudan since June, have impacted more than 700,000 persons across the country. A large part of the nation is reported to be under water with the Nile River at its highest level in 50 years.

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South Sudan was already in a precarious situation due to food shortages from an overwhelming locust infestation and a health crisis from the global coronavirus pandemic.

The World Food Programme (WFP) says it has been providing food assistance to more than half a million persons in South Sudan’s flood-affected areas as the threat of famine increases within the country.

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A flood-displaced victim from Mathiang village says rains have destroyed everything, including houses, cattle, crops and sources of livelihood.

WFP spokesperson, Peter Smerdon says they are already under pressure in South Sudan because of conflict, high levels of displacement and, the added burden from flooding.

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World Food Programme is now seeking to raise 58 million dollars to continue providing relief.

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