Moody's expects Egyptian economy to achieve 4.4% growth rate in current FY

CAIRO - 21 April 2020: Moody's Corporation on Tuesday expected that the Egyptian economy will achieve a growth rate of 4.4 percent by the end of the current fiscal year.

In a report a copy of which was received by MENA, the international corporation said that the economic reform program adopted by the Egyptian government was the major factor behind the capability of the Egyptian economy to deal with the consequences of the coronavirus.

Also, added the report, the program helped reduce risks on the Egyptian economy and different segments of the Egyptians society.

The Egyptian economy managed to achieve a growth rate of 5.4 percent in the past two years, said the report, adding that introducing new investment laws and reform of the business atmosphere in Egypt contributed to supporting the Egyptian economy.

The report praised a decision by President Abdel Fattah El Sisi allocating 100 billion pounds for easing the burdens resulting from the coronavirus.

Moody's also highlighted the decrease of public debt from 103.5 percent to 84.2 percent of the Gross Domestic Product by the end of last year.