Finance min.: Fitch’s decision reflects int’l institutions’ confidence in national economy – Egypttoday

Finance min.: Fitch’s decision reflects int’l institutions’ confidence in national economy – Egypttoday

FILE PHOTO: Egypt's Finance Minister Mohamed Maait gestures during a news conference in Cairo, Egypt July 17, 2019. REUTERS/Amr Abdallah Dalsh/File Photo





CAIRO - 28 July 2020: Finance Minister Mohamed Maait has said that Fitch Ratings' decision to keep Egypt's long-term foreign and local currency issuer ratings at B+ with a stable outlook reflects again the confidence of international institutions, especially credit rating agencies, in the country's economy to deal with the novel coronavirus (COVID-19) crisis, thanks to bold economic reforms implemented over the past few years.  



Egypt was the only country in the Middle East and Africa, whose credit rating was maintained with a stable outlook by S&P Global Ratings, Moody's and Fitch, Maait said in a statement issued by the Finance Ministry on Tuesday.



He went on to say that this decision is a clear evidence of the confidence of Fitch experts and analysts in the effective and balanced economic and financial policies adopted by the Egyptian government to handle the current health crisis, the statement added.



Fitch's move also comes in recognition of the government's efforts to introduce a package of structural reforms to increase growth rates and encourage the private