25 June 2021 12:10 PM

Finance min.: Int’l institutions confident of Egypt’s economy to overcome Covid-19 crisis

Saturday، 08 May 2021 - 03:07 PM

Finance Minister Mohamed Maait said on Saturday that the decision of Standard and Poor's (S&P) to keep Egypt’s credit rating in domestic and hard currencies at B level reflects the confidence of international institutions and credit rating corporations in the ability of Egypt’s economy to deal with the COVID-19 crisis.

In a press release, Maait said the Egyptian economy, according to estimates of the S&P in its latest report, can overcome the negative impacts of the pandemic due to the improvement of major economic indicators.

The decision to keep Egypt’s credit rating at B level for the third consecutive time since the outbreak of the pandemic reflected the balanced approach adopted by the Egyptian government at the economic and financial levels, the minister said.

He pointed out that the Egyptian economy recorded a growth rate of 3.6% during the fiscal year 2019/2020 and is expected to achieve 2.8% during the current fiscal year.

The ministry will continue its efforts aimed to reduce rates of government debt to GDP, Maait said, pointing out that Standard & Poor's expected in its latest report that government and private investments would contribute to achieving sustainable growth rates of about 5.3% from 2022 to 2024.


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