Standard & Poor's Maintains Egypt's Credit Rating at "B" with Stable Outlook

Dr. Mohamed Maait, Minister of Finance, confirmed that the decision of Standard & Poor’s, which was issued yesterday evening to maintain Egypt’s credit rating in both local and foreign currencies as it is without modification at the level of “B” while maintaining a stable future outlook for the Egyptian economy.

“Stable Outlook” for the second time during 2022, reflects the continued confidence of international institutions, especially credit rating institutions, in the stability and solidity of the Egyptian economy and its ability to deal positively with difficult external repercussions, the most important of which are: the consequences of the war in Europe and the ensuing negative economic effects globally, most notably: the rise in material prices.

The minister explained that this decision is an additional testimony of confidence in the resilience and solidity of the Egyptian economy and the soundness of the economic policies followed.

He added that Standard & Poor's attributed its decision to maintain the stable future outlook of the Egyptian economy to its expectation of the continued commitment of the Egyptian authorities to implement economic and structural reforms that would push economic growth supported by an increase in the role of the private sector in economic activity.