Egypt’s Minister of Finance Amr El-Garhi said that the weekly cabinet meeting، chaired by Eng. Sherif Ismail، the Prime Minister، discussed a report issued by Standard & Poor’s (S&P) global ranking، which lifted Egypt sovereign credit rating to B from B-، citing the country’s progress of implementing structural reforms، which have boosted investments and GDP growth.
In a press conference held today at the Cabinet’s headquarters، the Finance Minister said such upgrade reflects the great international confidence in the reform programs currently witnessing by Egypt. While the report lowered the rating outlook to stable instead of positive، it said that Egypt’s structural reforms aim to achieve and maintain macroeconomic stability and promote growth along with other measures that helped prompting Egypt’s current account deficit، including having competitive exchange rate، increasing domestic gas production and rising exports.
Al-Garhy hailed the new rating saying that it confirms that the country is on the right track and certifies the success of achieving progress of structural economic reform.
He said that the new S&P rating will help raising the confidence in the potential of the country’s economy and will pump more investments in the market.