Moody’s decision to affirm Egypt’s credit rating despite the complex external shocks facing the global economy and emerging countries is “a very positive decision.”, according to Minister of Finance Mohamed Maait<\/p>\n
In a statement by the finance ministry, Maait pointed out that Moody’s decision shows international institutions’ confidence in the Egyptian economy’s strength and resilience in light of the economic and financial policies and reforms implemented over the past years.<\/p>\n
The recent Moody’s report noted\u00a0the improvement in institutional capabilities of the Egyptian government, the minister noted.<\/p>\n
The decision to affirm Egypt\u2019s credit rating by the three major global credit rating institutions in April and May amid global crises emphasises the strength of the Egyptian economy given that most of the economic and financial indicators had improved, he said.<\/p>\n
In April,\u00a0Fitch Ratings affirmed Egypt’s long-term foreign-currency issuer default rating (IDR) at B+ with a stable outlook. <\/strong><\/p>\n
In addition, Standard and Poor\u2019s (S&P) also\u00a0affirmed Egypt\u2019s long and short-term foreign and local currency sovereign credit ratings at B\/B.<\/strong><\/p><\/blockquote>\n
Maiit stressed\u00a0that the economy’s resilience was reflected in the increase in the\u00a0growth rate\u00a0to 7.8 percent\u00a0during the period July 2021-March 2022 and is expected to register 6.2 percent\u00a0growth during the entire fiscal year.\u00a0 He also highlighted the decline in unemployment rates to 7.2 percent\u00a0in March 2022, noting that this is the lowest rate in many years.<\/p>\n
Moody\u2019s is closely following the economic situation in Egypt over the coming months and could upgrade Egypt\u2019s negative outlook to stable once a positive improvement to the economic and financial situation is reached, Maait added.<\/p>\n
On Thursday, Moody’s Investors Service affirmed\u00a0the long-term foreign and local-currency issuer ratings at B2, yet lowered its outlook from stable to negative.<\/p>\n
Moody’s also maintained Egypt’s foreign-currency senior unsecured ratings at B2, and its foreign-currency senior unsecured MTN program rating at (P)B2.<\/p>\n
Credit rating is an index that reflects the country\u2019s ability to fulfil its international obligations, including external debt services.<\/p>\n
On this note, Egypt’s Deputy Finance Minister\u00a0Ahmed Kojak stressed, according to the statement, that\u00a0the government will continue implementing its strategy to manage and reduce the government-debt to-GDP-ratio to reach 75 percent in\u00a0the medium range, and also continue its\u00a0efforts and plans to extend the debt maturity, which\u00a0recently reached\u00a0to 3.3 years up from 1.5 years in June 2016.<\/p>\n
Maait said Moody’s rating\u00a0is positive and mirrors the confidence of the international institutions in the Egyptian economy.<\/p>\n
He highlighted\u00a0that Moody\u2019s report on Egypt welcomed\u00a0the continuous improvement in\u00a0growth rates, decline in\u00a0unemployment and budget deficit,\u00a0and movement going forward to attain a budget primary surplus.<\/p>\n
\u201cAlso, the government targets raising the private sector share in the economic activity to 65 percent over the coming three years and attract $10 billion in investments annually,\u201d Maait explained.<\/p>\n","protected":false},"excerpt":{"rendered":"
Moody’s decision to affirm Egypt’s credit rating despite the complex external shocks facing the global economy and emerging countries is “a very positive decision.”, according to Minister of Finance Mohamed Maait<\/p>\n","protected":false},"author":4,"featured_media":319962,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22,33,21],"tags":[146,95],"class_list":["post-325538","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-main","category-news","tag-egypt-economy","tag-moodys"],"yoast_head":"\n
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