"Fitch" credit rating agency has praised the ability of the Egyptian economy to overcome the Corona crisis after maintaining stable credit levels, due to the financial and monetary reforms implemented by Cairo, which enabled it to diversify its economy and ensure its flexibility and sustainability against fluctuations, especially in conjunction with the Corona pandemic. "Fitch" noted the ability of the Egyptian economy to overcome the crisis of the Coronavirus pandemic and all the external and internal shocks resulting from it. And it kept Egypt's credit rating in both local and foreign currencies without modification at the "B +" level, while also maintaining the stable outlook for the Egyptian economy. Indicating that maintaining the credit rating of Egypt was supported by the balance of the economic and financial reforms implemented during the past years, in addition to the diversity and large size of the Egyptian economy, which showed resilience during the global health crisis resulting from the Coronavirus.
In this context, the Egyptian Finance Minister Mohamed Maait considered that "Fitch's decision reflects the renewal of the confidence of international institutions, especially credit rating institutions, in the stability and robustness of the Egyptian economy and its ability to deal positively with the Covid-19 crisis, thus bypassing all external and internal shocks resulting from it." He also pointed out that the Egyptian government will continue to implement financial, economic and monetary reforms that would improve the business environment, ensure the sustainability of public finances, and improve the competitiveness of the Egyptian economy.
Source (London-based Al-Arab Newspaper, Edited)
