Fitch Ratings states Egypt’s new budget, alongside lower electricity and fuel subsidies demonstrate continued commitment to fiscal consolidation and economic reform, backed by the country’s IMF program, Invest-Gate reports.

The ratings agency adds that narrowing the fiscal deficit supports Egypt’s sovereign credit profile but significantly reducing the public debt ratio is a multi-year task.

On June 22, Fitch affirmed Egypt’s ‘B’/Stable sovereign rating. Egypt’s sovereign credit profile “was among the topics discussed at the Fitch on the Middle East and North Africa event in London on July 6,” Fitch says on its official website.