Mohamed Moeit, Minister of Finance, said that Moody’s decision to keep Egypt’s credit rating at B2, with a stable outlook for the economy, reflects the agency’s confidence in the government’s ability to adopt successful economic and financial policies.
Moeit added, in a statement on Thursday, that this decision confirms Egypt’s success in its wise management of the monetary file during the novel coronavirus crisis.
He noted that the government keeps implementation of an integrated package of structural reforms to strengthen the macroeconomic structure.
“We are keen on achieving our monetary and economic targets despite all the internal and external challenges posed by the coronavirus” Maait added. “We seek to increase the economic growth rate in the medium term by 5.5%, as Moody’s expected. The new national projects also aim to stimulate investments which would create new job opportunities, maximise productive capacities, expand export base, increase GDP, and decrease budget deficit and debt.”
He explained that the positive indicators of the Egyptian economy in Moody’s report reflect the strength of institutional performance and governance, and the state’s ability to fulfill its external obligations, especially in light of the government’s success in diversifying sources of financing.
Meanwhile, Deputy Minister of Finance for Financial Policy, Ahmed Kojak, confirmed that this report reflects the confidence of Moody’s experts and analysts in the policies pursued by the Egyptian government to manage the coronavirus crisis.
He said: “Moody’s report confirms the effectiveness of our financial policies, in a way that helped stabilize prices relatively since the exchange rate liberalization in 2016, so that inflation rates recorded a successive record decline, according to the target.”
