Egyptian Finance Minister Mohamed Maait announced Saturday that Standard & Poor’s has kept the credit rating of Egypt in both local and foreign currencies unchanged at the “B” level, while also maintaining a stable outlook for the Egyptian economy for the third successive time since the beginning of the pandemic. The minister explained that the confidence of international institutions in the Egyptian economy is also due to the large economic and financial reforms implemented during the past years, which gave sufficient flexibility to the Egyptian economy to finance its needs in both local and foreign currencies, despite the recent deterioration of global economic and financial conditions. It also reflects the balance of the economic and financial policies pursued by the government and the Finance Ministry during the past few years and the pandemic era. This has contributed to the Egyptian economy being one of the very few economies in the world that achieved growth and improvement in unemployment rates during the year 2020. The strong performance and growth of these sectors has contributed to limiting the negative impact of the pandemic on a number of economic sectors, such as tourism, aviation, manufacturing, petroleum and mineral wealth.

Source: Egypt Independent May 08, 2021 13:07 UTC