S&P Global Ratings revised Egypt's outlook to ‘Stable’ outlook from ‘Negative’; balancing Egypt's external, fiscal vulnerabilities, against likely IMF support after government's upfront delivery on program reforms. Ratings remain constrained by "wide fiscal deficits, high public debt, low income levels, and institutional and social fragility". Increase in Egypt's inflation in near term on currency devaluation, subsidy cuts on top of interest rate hikes to weigh on domestic consumption. The rating agency projects that Egypt's real GDP growth will start recovering in 2018-19, to exceed 4% by 2019, fueled by domestic consumption and investments. (Reuters)