Only Ukraine and Tonga have seen their ratings adjusted in the latest Aon political risk update.

Ukraine improved slightly to high risk from very high, amid improvements in three economic categories; risk of doing business, sovereign non-payment risk and exchange transfer risk.

“Operational risks remain elevated, particularly in the eastern regions of Ukraine, which are governed by Russian authorities – the level of government intervention continues to be particularly high there,” the report says.

Tonga’s political risk rating deteriorated to medium-high from medium due to political violence, supply chain disruption, political interference in the economy, sovereign non-payment and the risk of doing business.

Despite Egypt’s overall risk rating remaining high, Aon has observed improvements in political risk since the implementation of an International Monetary Fund program last year.

There have been improvements in exchange transfer risk, risk of sovereign non-payment, and legal and regulatory risk, mainly due to a recent reduction in currency hoarding.

Reduction of capital controls in the banking system and the implementation of reforms aimed at attracting foreign investment will determine any upgrades to Egypt’s political risk rating.