Fitch Ratings, one of the three biggest credit rating agencies in the world, has maintained its sovereign rating on Egypt at a ‘B’ with a Stable Outlook, informed Reuters.

Egypt, the most densely populated nation in the Arab world, is believed to have received a ‘B’ rating due to the foreign currency shortages, high fiscal deficit, and unstable economy that the country has been witnessing. This is the lowest rating that Fitch has given to a Middle Eastern country, along with Lebanon, reported The National.

Ahram Online quoted the international credit rating agency saying that “general government debt increased to an estimated 90.3% of GDP in the 2016 fiscal year, well above the peer median.” Fitch assumes that the Egyptian pound will continue to weaken – given the modest deficit reduction that occurred – and this is expected to increase the general government debt to 90.5% in the fiscal year 2017.

Reuters stated another prediction made by Fitch towards Egypt’s GDP growth; it is expected to increase to register 3.6% in FY 2017 compared to a 3.2% GDP growth rate in FY 2016.