Egypt’s stable credit rating reflects efficiency of economic reform: Planning Minister

egypt economic rating stable efficiency
Egypt
  • Date: 09-May-2021
  • Source: Zawya
  • Sector: Economy
  • Country: Egypt
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Egypt’s stable credit rating reflects efficiency of economic reform: Planning Minister

Standard & Poor’s (S&P) rating for Egypt reflects the efficiency of the country’s economic reform measures, according to Hala El-Said, Minister of Planning and Economic Development. S&P has maintained the Egyptian economy’s sovereign rating at the “B” level in the long- and short-terms, while maintaining a stable outlook. This stabilisation was supported by the country’s record in economic and financial reforms, as well as macroeconomic stability. This has led to the accumulation of foreign exchange (FX) reserves and high growth rates in the two years preceding the novel coronavirus (COVID-19) pandemic. The resilience of the Egyptian economy has also been reflected in the country’s positive growth rates, despite the global pandemic. In a recent report, the agency added that Egypt’s FX reserves, and access to domestic and foreign debt markets, allow the government to cover high external financing needs and upcoming maturities. El-Said said that fixing the sovereign classification is important in light of the economic and financial turmoil the world has faced due to the pandemic, with the commensurate structural changes in supply and production chains caused. “The world is also going through a liquidity crisis that will affect countries’ ability to access financial markets to finance development and

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