JP Morgan Lauds Egypt's Economic Performance during Pandemic

JP Morgan praised Egypt's economic performance during one of the most difficult periods for global economies.

According to the Minister of Finance Mohamed Maait, Egypt is the only country in the Middle East and Africa that has successfully concluded its yearly cycle rating, and has retained the confidence of all three international credit rating agencies, including Standard & Poor's, Moody's, and Fitch.

JP Morgan said that the Egypt is the only country which has maintained investor confidence in the region in light of the novel coronavirus pandemic.

"Sovereign evaluation and credit rating have been stabilized with a stable outlook for the Egyptian economy," the Ministry of Finance said in a statement on Thursday,

"It is an important achievement for Egypt, and a strong indication of the success of the economic reform program, which won the trust of credit rating institutions and the international investment community, The U.S. multinational investment bank stressed.

On his part, Mohamed Maait, Minister of Finance affirmed that the economic reforms taken by the political leadership and supported by the Egyptians during the past years are the secret behind Egypt's economic resistance against internal and external shocks, that has enabled it to positively and quickly deal with the challenges and repercussions that was Imposed by the pandemic.

He said that the government pursued a proactive policy in dealing with the corona crisis, as the political leadership took the initiative to allocate a financial package in support of the Egyptian economy amounting to 2% of the Gross Domestic Product (GDP) to support various sectors including groups most affected.

He pointed out that the balanced repercussions against the corona crisis helped foreign investors to return strongly since mid-June, and to pump more investments in government securities.

Maait added that Egypt is one of the few countries that managed to achieve a positive real growth rate during the year 2020, which is the highest in the world.

He pointed out that the financial control measures and real growth rates contributed to the continuation of the downward trend in the debt rates of the local product, making Egypt one of the very few countries that managed to reduce the debt ratio to the local product during the previous fiscal year.