Egyptian Finance Minister Mohamed Maait announced that the government's position on the proposal to import gold from abroad would be resolved for Egyptian
Fitch Ratings, one of the ‘Big Three’ credit rating agencies, downgraded Egypt's sovereign credit rating – an assessment of a country’s ability to meet its foreign currency obligations – from B+ to B for the first time in a decade. Fitch’s decision, announced on 5 May, reflects the agency’s pessimistic outlook on the Egyptian economy.
Many Middle Eastern outlets have used the crisis to reinforce their inflammatory rhetoric, but some have provided nuanced analysis through the lenses of democratic principles and Arab-Israel peace.
Sprawled across a patch of desert four times the size of Washington, DC, a showy new capital is rising in Egypt, imperial in scale and style, embodying the grandiose ambitions of President Abdel-Fattah el-Sisi and his mantle as the country's unchallenged ruler.