Moody’s downgraded Egypt’s credit outlook to negative from stable, reflecting growing economic challenges. The local currency has experienced a rapid decline on the black market, now trading at around 60 per USD, significantly weaker than the official rate of 30.9 amid hard-currency shortages. Despite ongoing talks with the IMF to increase a $3 billion rescue program, the agency expressed concerns about its adequacy. Egypt faces a situation where interest payments might consume two-thirds of its revenue by the end of this fiscal year.