Egypt's government is setting its growth rate target at 5.2 percent of GDP for the coming fiscal year, the Ministry of Finance announced on Sunday.

On May 13, 2016, S&P Global Ratings revised its outlook on its long-term sovereign credit rating on Egypt to negative from stable. At the same time, we affirmed our 'B-/B' long- and short-term foreign and local currency sovereign credit ratings on Egypt.

Egypt has surpassed South Africa as the second largest economy in Africa, said the International Monetary Fund (IMF) in its latest World Economic Outlook.

Egypt will launch 4G licenses for the four mobile operators in the country within two months, and the value will depend on each company’s needs of available frequencies, communications and information technology ministry said in a statement on Sunday.