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JB Morgan: Egypt sole MENA state to maintain confidence of key int’l rating agencies
JB Morgan commended Egypt’s economic performance as the sole country in the Middle East and Africa to retain investors’ confidence during the coronavirus crisis.
Egypt has won the confidence of three key international rating agencies; Standard & Poor’s Global Rating, Moody’s and Fitch, during one of the hardest stages through which the international economy is passing.
In July, Fitch Ratings affirmed Egypt’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘B+’ with a Stable Outlook.
This is a great achievement for Egypt and a cogent proof of the success of the economic reform program which has been cherished by international credit rating associations and the international investment society.
Finance Minister Mohamed Maait underlined that the economic reforms carried out by the political leadership in the right time have promoted the steadfastness of the Egyptian economy in the face of internal and external shocks and this has helped taking positive and swift action in handling the fallout of the coronavirus pandemic.
Maait said “the government adopted proactive measures in handling the coronavirus crisis. The political leadership has allocated a financing package for supporting the Egyptian economy standing at 2 percent of the total Gross Domestic Product. This has contributed to mitigating the impact of the crisis and backing most affected sectors and needy people.”
The minister expounded that good and balanced dealing with the repercussions of the coronavirus crisis has called on foreign investors to strongly return since mid-June, and to inject more investments into government securities in Egypt.
He added that “Egypt is one of very few countries that managed to realize such positive growth rate during 2020,” noting that the growth rate in Egypt is one of the highest at international level.
He added that this growth rate has also contributed to cutting debt-to-GDP ratio during the 2019-2020 fiscal year.
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