- For the second time in a row in 2020 Standard and Poor’s has kept Egypt’s credit rating at B with a stable outlook.
- Minister of Finance of Egypt, Mohamed Mait stated that the move reflects an international confidence in the stability of the Egyptian economy.
For the second time in a row in 2020 Standard and Poor’s has kept Egypt’s credit rating at B with a stable outlook. Minister of Finance of Egypt, Mohamed Mait stated that the move reflects an international confidence in the stability and solidity of the Egyptian economy and its capacity to positively handle the repercussions of COVID-19 and prove its resilience.
The Minister pointed out that the economic reform program the country embarked on in 2016 to improve the business environment has contributed to the resilience of the Egyptian economy. In the financial year 2019/2020, Egypt’s economy recorded a growth of 3.6 percent. S&P’s report projected that the economy will grow by 2.5 percent in FY2020/2021 and 5.4 percent in FY2021/2022. The sectors of tourism, energy, and manufacturing are expected to recover.
Deputy Finance Minister for Fiscal Policies and Institutional Development Ahmed Kojek was confident that the debt-to-GDP ratio is expected to decline against the primary surplus achieved in the last fiscal year of 1.8 percent of Egypt’s GDP.
