Expert:Fitch affirms Egypt's stable growth rates for B+

Economic expert Dr. Mohamad Roshdy said that Fitch Ratings has announced that the rating of Egypt's credit is affirmative that it has reached “B+” with a stable.

Economic expert Dr. Mohamad Roshdy said that Fitch Ratings has announced that the rating of Egypt's credit is affirmative that it has reached “B+” with a stable output for the fourth time.

Over the phone to (Cairo Local Time), he added that Egypt’s rating is supported by its recent record of physical and economic reforms alongside its large growing economy and strong support from multilateral partners. The finance minister has stated that fixing the rate for the fourth time during the corona virus crisis is a new international testimony of confidence in the ability of the Egyptian economy to face global economic challenges, he said.

Dr. Roshdy highlighted that Egypt has recorded the highest semi-annual growth rate since the beginning of the millennium. It is one of the few economies worldwide that still manage to achieve growth rates despite the corona pandemic and the Ukrainian-Russian war, he illustrated.

Furthermore, the IMF has raised the expectations for the growth rate of the Egyptian economy from 5.6% to 5.9% by the end of June, he said, referring that thus one of the multinational banks has decided to expand its activities in Egypt as it is one of the largest and fastest growing economies in the region. This confirms the importance of the accurate implementation of the economic reform programme, he stated.

He believes that Egypt was able to deal with the repercussions of the Ukrainian war and the corona crisis due to the economic reform, the mega projects, the enhancement of initiatives in addition to the support of the government and the presidential leadership to focus on SMEs, digital transformation, renewable energy, and the contingency plans.

(Cairo Local Time) is aired from Saturday to Thursday. This episode is presented by Hala El Hamalawy.