Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

S&P Maintains Egypt's Credit Rating at 'B' with Stable Outlook


Tue 26 Oct 2021 | 11:04 PM
Taarek Refaat

Finance Minister Mohamed Maait confirmed that the decision of Standard & Poor's (S&P) to fix Egypt's credit rating at "B" with stable outlook for the fourth time in a row is an additional testimony of confidence in the strength and persity of the Egyptian economy.

In a statement issued on Tuesday Maait said that S&P decision reflects the continued renewal of international institutions' confidence in the Egyptian economy and the government's commitment to a sustainable path of economic reform.

He explained that S&P praised in its last report the strength, flexibility and balance of the policy framework set by the government to deal with the repercussions of the pandemic that accompanied it with the completion of the implementation of economic, financial and structural reforms.

"The reforms helped provide a strong and persified domestic financing base in Egypt, and a high foreign exchange reserve balance, in a way that improves the competitiveness of exports," he added.

The minister pointed out that affirming Egypt's stable outlook for the fourth time is a continuous consolidation of the balance of confidence among investors and international institutions due to the economic and financial reforms implemented during the past years, which gave sufficient flexibility to the Egyptian economy, enabling it to finance its needs in both local and foreign currencies despite the negative impact of the pandemic on the global economy.

"The decision comes at a time when the Egyptian economy achieved a real growth rate of about 3.3% during the last fiscal year, which is one of the highest rates in the region,"

he concluded.