Raising Egypt’s Credit Rating Confirms Gov’t ProgressSource: www.export-egypt.com 4/8/2015, Location: Africa |
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Finance Minister Hani Qadri said on 7/4/2015 a decision taken by Moody's for credit rating that raised the Egyptian economy's credit rating confirms that the government is going steadily towards achieving economic and social goals to make a real evolution in people's living standards.
In a press release, Moody's said the level of Egypt's credit rating rose by one notch after a long-term loan from both foreign and local currencies, bringing each to B3 with keeping Egyptian economy at a stable degree, the minister said. This rise depends on the stability of the cash reserves at the Central Bank of Egypt (CBE) at $15.5bn at the end of February 2015, which provides cover for a large external debt service during the current year, he added. The minister stressed the need to complete the financial and economic reforms, with paying attention to protection policies and social justice programs to achieve the desired economic progress. Moody's explained that the forecast for local and foreign investments increased especially after the recent economic conference, where Gulf States declared support. Moody's predicted the government's success in completing the economic and financial reforms to control the increase in Egypt's public spending, in addition to reducing budget deficit. |
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