Finance Ministry reviews int’l institutions trust in Egypt’s economy – Egypttoday

Finance Ministry reviews int’l institutions trust in Egypt’s economy – Egypttoday

CAIRO - 10 May 2020: "International institutions trust the ability of the Egyptian economy to positively deal with and overcome the coronavirus crisis, due to the economic reforms that were undertaken by the political leadership and supported by the Egyptian people, which allowed a degree of solidity for the economy, enabling it to deal with internal and external challenges and shocks," Deputy Minister of Finance Ahmed Kojak stated.. Kojak added that the three major credit rating institutions, changed their assessment of about 47 emerging countries on March 1, 2020, reducing the credit rating and making a negative adjustment to more than 35 countries (11 percent in the Middle East and North Africa region).. Kojak noted that credit rating institutions have not improved any country's credit rating at all since the beginning of the corona crisis.. Kojak further clarified that the government adopted a pre-emptive policy to manage the corona crisis and deal positively and quickly with its repercussions by providing a financial package in support of the Egyptian economy amounting to about 2 percent of GDP.. The natural gas and electricity prices have been reduced for companies operating in the industrial sector, providing a guarantee of LE 3 billion in