Moody's Praises Egyptian Economy for Withstanding Shocks, Declining in Unemployment, Deficit

Dr. Mohamed Maait, Minister of Finance, affirmed that Moody’s decision to fix the credit rating of Egypt, despite the complex external shocks facing the global economy and emerging countries, is a very positive decision.

Dr. Maait stressed that Moody's decision confirms the continued confidence of international institutions in the resilience and solidity of the Egyptian economy in light of economic policies and reforms and finances implemented over the past years.

The minister stated, in a press statement, today, Friday, that Moody’s report and evaluation include a commendation of the effectiveness of the implemented government policies and measures, as well as the ability of the Egyptian government to deal with crises in general, and in particular the current crisis, with an effective mechanism.

The minister said that the institution's latest report issued by Egypt showed an improvement in the institutional capabilities of the state and the Egyptian government.