Finance Minister Mohamed Moait emphasised that the European war caused sharp increases in the cost of essential goods and tightened monetary conditions worldwide, which resulted in a major outflow of money from emerging markets generally, including the Egyptian market.
“Moait” stated in a press release that the Foundation anticipated that no additional capital flows would occur and that this is not a “weighted scenario” in Egypt due to the improvement of the macroeconomic conditions. She was commenting on the installation of the country’s Standard & Poor’s credit rating at the degree of B with a stable future look. Along with boosting the influx of nations from the Gulf Cooperation Council into Egypt, the Egyptian government also plans to draw in direct foreign investments worth an estimated 10 billion dollars yearly over the next nearly four years.
Moait emphasised that “Standard & Poor’s” decision to maintain Egypt’s credit rating in local and foreign currencies as it is without modification at the level of “B” while maintaining the future outlook for the Egyptian economy as “Stable Outlook,” which was announced yesterday evening Friday, October 21, 2022. It reflects the continued confidence of international institutions, particularly credit rating agencies, in the stability and resiliency of the Egyptian economy as well as its capacity to deal effectively with challenging external consequences, the most significant of which are: the fallout from the European Union’s war and the ensuing detrimental economic effects, most notably: high prices for essential materials, He explained that this choice is another another
Moait emphasised that “Standard & Poor’s” decision to maintain Egypt’s credit rating in local and foreign currencies as it is without modification at the level of “B” while maintaining the future outlook for the Egyptian economy as “Stable Outlook,” which was announced yesterday evening Friday, October 21, 2022. It reflects the continued confidence of international institutions, particularly credit rating agencies, in the stability and resiliency of the Egyptian economy as well as its capacity to deal effectively with challenging external consequences, the most significant of which are: the fallout from the European Union’s war and the ensuing detrimental economic effects, most notably: high prices for essential materials, He explained that this choice is another another
A must.. Mohamed Moait: The exit scenario of more foreign investments is unlikely to Egypt
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