Standards & Poor’s keeps Egypt’s credit rating at “B“ level with stable outlook for second time in six months

Standards & Poor’s keeps Egypt’s credit rating at “B“ level with stable outlook for second time in six months

Standard and Poor's (S&P) has maintained for the second time in six months Egypt's credit rating in domestic and hard currencies at B level and kept its stable outlook.

S&P expects Egypt to attain positive economic growth of 2.5 percent in FY2020/2021, projecting it to go up to 5.4 percent by 2022 despite the ongoing challenges imposed by the Covid-19 pandemic.

Egypt's Minister of Finance Mohamed Maait said that the action reflects the confidence of international institutions, especially credit rating corporations, in Egypt's economy to deal adequately with the Covid-19 crisis. Maait added the economic, monetary and fiscal reforms Egypt adopted since November 2016, supported by the public, helped strengthen the economy to cope with ongoing challenges.

Maait said that the S&P report on Egypt's economic activity praised