Finance Min. welcomes S&P's upgrade of Egypt credit rating

CAIRO – 11 November 201: Minister of Finance Amr el-Garhy on Saturday welcomed Standard and Poor's Ratings Services' decision to revise its outlook on Egypt's credit rating to positive from stable.

The decision is a key step toward boosting confidence in Egypt’s economic reform program, Garhy said in a statement, noting that this would in turn contribute to luring more foreign investments to the country and reducing the cost of funding.

On that score, the minister affirmed that there is political will to continue implementing the comprehensive reform program, which includes balanced financial and structural measures meant to maintain economic stability and financial sustainability.