28 June 2022 07:36 PM

Moody's decision to affirm Egypt's credit rating shows economy's resilience - minister

Friday، 27 May 2022 - 04:53 PM

Finance Minister Mohamed Maait described on Friday Moody's decision to affirm Egypt's credit rating despite the complex external shocks facing the global economy and emerging countries as a very positive decision.

In a statement, Maait pointed out that Moody's decision shows the 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.

The Moody's recent report referred to the improvement in institutional capabilities of the Egyptian government, the minister noted, underlining the financial services company will closely follow up on the economic situation in Egypt in the coming months to decide on the sovereign assessment.

The decision to affirm Egypt’s credit rating by the three major global credit rating institutions in April and May in less than a month during that global crisis stresses the Egyptian economy's strength given that most of the economic and financial indicators had improved.

He also mentioned that the growth rate increased to hit 7.8% during the period July-March 2021/2022 and is expected to achieve 6.2% growth during the entire fiscal year. He highlighted the decline in unemployment rates to reach 7.2% in March 2022, noting that this is the lowest rate to be achieved in many years.


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