Egypt’s Ministry of Finance has said Moody’s positive outlook reflects the agency’s expectations of stronger economic growth as the country continues to implement reforms, maintain fiscal discipline, and support production and exports.
In a statement issued on Saturday following Moody’s upgrade of Egypt’s credit rating to ‘B3’ with a positive outlook, the ministry said it would continue advancing “structural reforms and introducing additional business incentives” to strengthen private sector confidence and support stronger, more sustainable economic growth.
The ministry added that recent economic and fiscal reforms had helped stabilise public finances, bolster foreign exchange reserves, and accelerate economic activity.
It stressed that the government would continue improving the business environment, streamlining procedures, and promoting competition to attract greater private sector investment, enhance productivity, and support growth.
The ministry also acknowledged the challenges posed by high debt-servicing costs, saying it was working to reduce them more rapidly in the period ahead.
