CAIRO – Egyptian Finance Minister Mohamed Maait said Friday that Fitch Ratings’ decision to affirm Egypt’s long-term foreign-currency issuer default rating (IDR) at B+ with a stable outlook.
The decision reflects the world agency’s confidence in the Egyptian economy’s ability to face challenges, Maait said in a statement.
The Egyptian economy is diversified and growing to confirm that we are on the right path and that financial and economic reforms have made the national economy more solid and cohesive in positively coping with global crises, he added.
Implementation of the structural reform program is a top priority for the government; to improve the business climate, increase local and foreign private sector investments in all fields, especially in development projects such as infrastructure, education and health, in addition to improving the competitiveness of Egyptian products, and maximizing the proceeds of Egyptian non-oil exports in a way that contributes to improving the trade balance and building a strong industrial base, the minister said
