Following improving the future Egyptian economy outlook by Standard & Poors, Minister of Finance said: “A further positive step confirms soundness of the government’s trends concerning the Egyptian economy reform and recovery acceleration.
The positive reports of international credit rating institutions contribute in reducing financing cost against the Egyptian institutions
Standard & Poors for Credit Ratings has improved its future Egyptian economy outlook from stable to positive, as significant positive step that always preceded upgrading of the state’s credit ratings.
This is the fourth positive procedure to evaluate the Egyptian economy made by global credit ratings institutions within the last seven months: Moody’s for Credit Ratings, positively changed its future outlook in October 2014, and upgraded its rating for the Egyptian economy last month. Consequently, Fitch for credit ratings raised its rating last November. Then, Standard & Poors decided to upgrade its rating regarding to the future outlook.
Minister of Finance, Hany Kadry Dimian, declared that the consecutive positive decisions taken by International Credit Rating Institutions concerning their vision and ratings of the Egyptian economy support Egypt’s economic policy trends. Moreover, they confirm that the said trends are in the right way, clearly indicating to the Egyptian economy recovery, and reflecting the actual position of the international markets which increase their confidence in the Egyptian economy and its management approach.
The Minister affirmed that, regarding the institution confirmation on improving the economic growth rates, the importance of the reform procedures adopted by the government, especially in tax policies, rationalization of energy subsidy, improvement of investment environment to achieve the medium term financial stability, the government will continue the application of necessary and balanced economic financial reforms to improve the economy performance, increase the employment rates, improve the key services, and increase spending on social protection programs development.
The Minister assured that upgrading of the Egyptian economy credit rating is considered as a significant matter to reduce financing cost of the Egyptian economy, shall be followed by upgrading of banks and Egyptian institutions, availing better opportunities for less cost financing. Whereas, such upgrading encourages the international and regional financial institutions on providing further finance to the Egyptian economy.
The Minister confirmed that, despite all the achieved reforms, Egypt is still in the primary phases towards putting the Egyptian economy on the global economy map, and improving life of the Egyptians.