21 November 2019 10:30 PM

Finance Minister hails S&P's fixing Egypt's credit rating at B with stable outlook

Saturday، 10 November 2018 - 03:09 PM

Minister of Finance Mohamed Maait said that a report published by Standard & Poor's Global Ratings on fixing Egypt's sovereign credit rating at B with a stable outlook represents an important evidence on the success of the Egyptian economic reform program and the improvement of the country's economic indices.

In a statement on Saturday 10/11/2018, the minister said that a report that was published on Friday night by the S&P will contribute to raising the confidence of the global institutions and the international investment community in the Egyptian economy, a move that will lure more investments.

The minister asserted that the improvement of the Egyptian credit rating, a few days after Cairo and the International Monetary Fund have reached a staff-level agreement on the fifth revision for Egypt’s economic reform program, shows that the international community is clearly noticing that the path of the economic reforms in Egypt is moving forward.

In its report, the S&P hailed the capability of the Egyptian government and authorities of implementing major reform measures, Maait noted.

For his part Deputy Minister of Finance for Financial Policies Ahmed Kouchouk said that the S&P upgraded its outlook on Egypt's future growth rates to 5.4% during the period 2018 to 2021 in light of the improved economic indices which were driven upward by the achievements recorded in the natural gas, tourism, manufacturing industries and construction sectors. 


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