Egyptian Finance Minister Mohamed Moait confirmed that the decision of the “Standard & Poor’s”, which was issued on Friday evening to maintain the credit rating of Egypt in the local and foreign work as it is without amendment at the level of “B” while maintaining the stable future view of the Egyptian economy for the second time during the year 2022 It demonstrates the sustained faith that international organisations, particularly credit rating agencies, have in the robustness and stability of the Egyptian economy as well as in its capacity to successfully navigate challenging external consequences.
In a news statement posted by the Egyptian Cabinet’s presidency on its Facebook page today, Saturday, Minister Moait stated: “This decision is yet another vote of confidence in the adaptability and adaptability of the Egyptian economy and the integrity of the economic policies adopted.
“The Standard & Poor’s Foundation, he continued, attributed its decision to maintain its stable future view of the Egyptian economy to its expectation that the Egyptian authorities are committed to enacting economic and structural reforms, which would push economic growth supported by enhancing the role of the private sector in economic activity, in addition to the expected analysts in the institution to achieve The Egyptian economy of strong growth rates in the medium term.
According to him, the declaration made by “Standard & Poor’s” about the Egyptian economy’s resilience in facing universal problems is a reflection of the harmony between the financial and economic policies adopted.
Minister Moait emphasised that the Standard & Poor’s Foundation shed light in its report on the initiatives taken by the Ministry of Finance in the Budget Department and raising the efficiency of collection and spending to ensure the continued achievement of financial discipline. This was evident significantly in the results of the current fiscal year, as the total deficit decreased to 6. 1% of GDP compared to 6. 8% of GDP in the fiscal year 2020/2021, according to Minister Moait.
The outcome of non-oil exports achieved a remarkable increase of 29% annually as a result of increased exports of fertilisers, medicines, and ready-made clothing, Minister Moait explained. This improvement is indicated by the Standard & Poor’s Foundation report, which was released for the fiscal year 2022–2021. There is a sizable surplus of $4 on the petroleum balance side.
4 billion, considering the increase in natural gas exports, which recently totaled $ 600 million per month.
Standard & Poor’s decision to maintain Egypt’s credit rating without changing a “trust certificate,” according to the Egyptian Finance Minister
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