Standard & Poor's Affirmed Egypt's Credit Rating for Second Time in 3 Months

Dr. Mohamed Maait, Minister of Finance, said that Standard & Poor’s decision to keep Egypt’s credit rating in both local and foreign currencies unchanged at the “B” level.

The revealed that the decision of the international rating agency also maintains the stable outlook for the Egyptian economy, “Stable Outlook”, for the second time in three months.

He stressed that it is a new international certificate of confidence that the Egyptian economy has begun to recover from the repercussions of the exceptional global and domestic economic conditions during the past year, in which the fallouts of the war in Europe are intertwined with the negative effects of the Corona pandemic.

Maait added, in a press statement, today, Friday, that the Egyptian state has succeeded in dealing with these global conditions with balanced and integrated decisions and reforms, reflecting full coordination between the government and the central bank in all matters.

The minister pointed out that all policies work to ensure the stability of the economic situation, and to make the future of our economy stable, in light of the commitment to the pace of economic reform supported by the International Monetary Fund (IMF) in an agreement that extends to 48 months.

The agreement with the IMF allows economic growth in the coming years and enhances the ability to obtain sufficient financing to meet the country's external needs.