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Finance min. hails Fitch Ratings' decision on Egypt's economic situation


Mon 06 Aug 2018 | 11:52 PM
Hassan El-Khawaga

CAIRO, Aug 6 (SEE) - Finance Minister Mohamed Moeit said on Monday that Fitch Ratings' decision to keep the Outlook on Egypt's Long-Term Foreign-Currency Issuer Default Rating (IDR) to Positive and affirm the IDR at 'B' reflects the global agency's appreciation of the economic reform program carried out by the government.

"The decision will help in fostering confidence in the Egyptian economy and lure more foreign investments," he was quoted by MENA news agency as saying

"This is the third positive review by credit rating agencies to the Egyptian economic reform program since 2016," he added.

He expects Egypt's outlook rating to raise further more within the coming period if economic indicators continued to improve.

In this regard, Deputy Finance Minister Ahmed Kouchouk underlined the importance of keeping high growth rates within the coming years and persifying growth sources.

He said Fitch report attributed the progress of the national economy to the Central Bank of Egypt's decision to liberalize the Egyptian pound in 2016, a move that led the non-petroleum exports to hit a record rise in the first quarter of 2018, the first in seven years.

Kouchouk said the report also outlined some challenges that may affect Egypt's economic outlook if not seriously addressed, including keeping safe foreign cash reserves and the ability to continue applying reforms aiming at decreasing public debt.