The Egyptian Ministry of Finance praised the decision of the "Standard & Poor's" (S&P) credit rating agency to maintain Egypt's rating in both local and foreign currencies at "B" without change for the second time in 3 months.
Yesterday, Saturday, Egyptian Finance Minister Mohamed Maait stated that maintaining Egypt's credit rating without modification is a new international confidence certificate that the Egyptian economy is stable.
Yesterday, Saturday, Standard & Poor's announced Egypt's credit rating in both local and foreign currencies, as it is without modification, at the "B" level, while maintaining a stable outlook for the Egyptian economy.
A rating of "B" indicates short-term financial solvency, but adverse events can affect the country's solvency.
The agency said that its expectations indicate a decline in the value of the current account deficit during the coming period until 2026, in light of the flexibility of the exchange rate and its positive impact on increasing competitiveness and the proceeds of Egyptian exports.
According to the Egyptian Minister of Finance, Egypt has succeeded in achieving recovery from the repercussions of the exceptional global and domestic economic conditions during the past year, in which the repercussions of the war in Europe are intertwined with the negative effects of the Corona pandemic.
Maait added that Egypt has succeeded in "dealing with these global conditions with balanced and integrated decisions and reforms, reflecting full coordination between the government and the Central Bank in all matters, to ensure the stability of the economic situation, and that the future of our economy is stable."
Egypt has gradually reduced the price of its local currency since last March until today, from an average of 15.7 pounds per dollar, to 29.6 pounds now, to implement one of the requirements of the International Monetary Fund within an economic reform program.