Standard & Poor’s confirms Egypt’s credit rating at “B”

Egypt’s finance ministry said today Tuesday that “Standard & Poor’s” has fixed Egypt’s credit rating. in local and foreign currency, unchanged, at “B”, while maintaining for the fourth consecutive time a stable outlook for the Egyptian economy since the beginning of the Corona pandemic.

He added that this is further testimony of confidence in the strength and diversity of the Egyptian economy. This reflects the ongoing renewal of international institutions’ confidence in the Egyptian economy and the government’s commitment to a sustainable path of economic reform.

The Egyptian Ministry of Finance indicated that Standard & Poor’s praised in its latest report the strength, flexibility and balance of the policy framework established by the government to cope with the repercussions of the “pandemic” that accompanied it with the completion of the ” implementation of economic measures, financial and structural reforms; This helped provide a strong and diversified internal financial base in Egypt and a high balance of foreign exchange reserves, in so as to improve export competitiveness and expand the revenue base, which confirms the strength and diversity of the Egyptian economy.

He said Standard & Poor’s expects the Egyptian economy to achieve strong growth rates over the medium term, reaching around 5.5% during fiscal year 2023/2024, buoyed by the recovery of the tourism sector. in particularly with the return of Russian, English and Italian tourism to the Red Sea region, as well as the expectation of an increase Public and private investments are in most of in all sectors such as communications, information technology, health and agriculture, in addition to the continuous implementation of financial and economic reforms, which manifested itself through the balance and coherence of the economic, financial and monetary policies adopted, which have led to the maintenance of positive growth rates, the reduction of unemployment and inflation rates and the achievement of a primary surplus in the public budget thanks to the saving of public spending and an increase in public revenues, as well as improved tax revenue trends expected.

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