S&P Global Ratings keeps Egypt’s rating at B; Outlook stable

S&P Global Ratings keeps Egypt’s rating at B; Outlook stable

S&P Global Ratings has maintained the local and foreign currencies credit ratings of Egypt at “B”, with a stable outlook for the second time in 2022, Minister of Finance Mohamed Maait said in a statement on October 22nd.

The decision reflects the confidence of international institutions, especially credit rating agencies, in the strength and resilience of the Egyptian economy and its ability to positively address difficult external challenges, on top of which the war in Europe and its negative global economic ramifications, Maait commented.

Maait noted that S&P ascribed its decision to keep its stable outlook for Egypt to its expectation that the Egyptian authorities will continue to execute economic and structural reforms that would boost growth by bolstering the private sector’s role in economic activities.

S&P’s analysts anticipate that the Egyptian economy will achieve high growth rates in the medium range due to policies and reforms encouraging investments and businesses which support sustainable economic growth, Maait said.

The minister revealed that the credit rating agency does not expect more outflows from Egypt owing to the macroeconomic improvement and the increase in inflows from the GCC, in addition to the government’s plans to attract around $10 billion in foreign direct investments (FDI) annually in