Standard & Poor’s affirms Egypt’s credit rating at 'B' for 4th time

CAIRO – 26 October 2021: Standard & Poor’s affirmed Egypt’s credit rating in both local and foreign currencies at ‘B’ with a stable look for the fourth time in a row since the commence of COVID-19 pandemic, according to Minister of Finance Mohamed Maait.

Maait noted that this affirmation is an additional testimony of confidence in the strength and diversity of the Egyptian economy.

The minister said in a statement, Tuesday, said that Standard & Poor's decision reflects the continued renewal of international institutions' confidence in the Egyptian economy and the government's commitment to a sustainable path of economic reform.

He explained that Standard & Poor's praised in its last report the strength, flexibility and balance of the policy framework set by the government to deal with the repercussions of the "pandemic" that accompanied it with the completion of the implementation of economic, financial and structural reforms; This helped provide a strong and diversified domestic financing base in Egypt, and a high foreign exchange reserve balance, in a way that improves the competitiveness of exports.

The minister added that the Standard & Poor's decision is a continuous consolidation of the balance of confidence among investors and international institutions due to the economic and financial reforms implemented during the past years, which gave sufficient flexibility to the Egyptian economy, enabling it to finance its needs in both local and foreign currencies despite the continuing outbreak of Corona and its negative repercussions on the global economy and the economies of the region.

He said that the decision comes at a time when the Egyptian economy achieved a real growth rate of about 3.3 percent during 2020/2021, which is one of the highest rates of economic growth achieved in the region despite the continuation of the Corona pandemic and its negative repercussions.