Egyptian Finance Minister Mohamed Maait announced Saturday that the Moody’s credit rating institute has kept Egypt’s credit rating in both local and foreign currencies as it is at the B2 level, the third time in a row – maintaining a stable outlook for the Egyptian economy. He added that the decision reflects the continued confidence of international institution in the solidity of the Egyptian economy and its ability to deal with the coronavirus crisis, unlike other counterpart and emerging economies. Maait added that the decision also reflects Moody’s confidence in the Egyptian economy’s ability to overcome external and internal issues resulting from the pandemic, evident as a result of the government’s continued implementation of economic, financial and structural reforms. Moody’s decision to maintain Egypt’s credit rating for the third time in a row during the pandemic represents a continuous consolidation of the confidence generated by the economic and financial reforms, he added. This will extend the life of the debt to nearly four years, implementing the debt strategy efficiently in the medium term and reducing the financing needs of the public budget to less than 30 percent of GDP – according to the institution’s estimates – reflected in reducing debt service costs.

Source: Egypt Independent August 01, 2021 08:07 UTC