By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Mountain View Sets New Standards for Life Experiences Built On the Science of Happiness at iCity
    September 22, 2023
    Egypt's Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
    Egypt’s Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
    September 21, 2023
    ABB allocates €13bn for green transformation by 2030
    ABB allocates €13bn for green transformation by 2030
    September 21, 2023
    DMZ Cairo Demo Day 2023 showcases Egypt's top tech startups
    DMZ Cairo Demo Day 2023 showcases Egypt’s top tech startups
    September 21, 2023
    Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo
    Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo
    September 21, 2023
  • Politics
    PoliticsShow More
    CCCPA, African Union train officials on ‘Climate Responsive Programming for Sustaining Peace’
    CCCPA, African Union train officials on ‘Climate Responsive Programming for Sustaining Peace’
    September 22, 2023
    Egyptian Health Minister highlights country's interest in local drug manufacturing
    Egyptian Health Minister highlights country’s interest in local drug manufacturing
    September 21, 2023
    Egypt leads meeting to urge global support for Sudan’s humanitarian crisis
    Egypt leads meeting to urge global support for Sudan’s humanitarian crisis
    September 20, 2023
    Egypt and EU co-chair GCTF meeting, reaffirm commitment to fighting terrorism
    Egypt and EU co-chair GCTF meeting, reaffirm commitment to fighting terrorism
    September 20, 2023
    Children dying in Sudan amid healthcare system collapse
    Children dying in Sudan amid healthcare system collapse
    September 20, 2023
  • Interviews
    InterviewsShow More
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    September 18, 2023
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    September 14, 2023
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    September 12, 2023
    India welcomes Egypt's BRICS membership: Boosting trade, investment, and access to strategic commodities
    India welcomes Egypt’s BRICS membership: Boosting trade, investment, and access to strategic commodities
    September 11, 2023
    The box office is not a measure of success: Basma Hassan
    The box office is not a measure of success: Basma
    September 6, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: S&P’s upgrade of credit rating confirms Egypt is on right path: El-Garhy
Share
Notification
Latest News
CCCPA, African Union train officials on ‘Climate Responsive Programming for Sustaining Peace’
CCCPA, African Union train officials on ‘Climate Responsive Programming for Sustaining Peace’
Politics
Mountain View Sets New Standards for Life Experiences Built On the Science of Happiness at iCity
Real Estate
Egypt's Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
Egypt’s Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
Business
ABB allocates €13bn for green transformation by 2030
ABB allocates €13bn for green transformation by 2030
Business
DMZ Cairo Demo Day 2023 showcases Egypt's top tech startups
DMZ Cairo Demo Day 2023 showcases Egypt’s top tech startups
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Economy > S&P’s upgrade of credit rating confirms Egypt is on right path: El-Garhy
Economy

S&P’s upgrade of credit rating confirms Egypt is on right path: El-Garhy

Mohamed Samir
Last updated: 2018/05/12 at 7:13 PM
By Mohamed Samir 3 Min Read
Share
Minister of Finance, Amr El-Garhy
SHARE

Minister of Finance Amr El-Garhy welcomed the Friday decision of Standard & Poor’s (S&P) to raise Egypt’s credit rating to B from B-, stressing that this step confirms that the state is on the right path and asserts confidence in the Egyptian economic reform programme.

El-Garhy added that the decision will contribute to attracting more foreign investments to the country.

S&P Global Ratings raised Egypt’s sovereign credit rating to B from B- for the first time since 2013, backed by the improvements in business fundamentals, while the economic outlook was revised to stable from positive according to the agency’s report issued on Friday.

According to the report published by S&P, the revised credit rating reflects the competitive exchange rate, increase in natural gas production, and the witnessed increase in exports that led to improvements in Egypt’s current account deficit.

Moreover, the credit rating agency said that inflation is on a declining path, due to the effective monetary policy adopted.

Consequently, S&P believes that the ongoing economic and fiscal reforms will support rising business confidence and sustain capital inflows.

The report concluded that the re-election of President Abdel Fattah Al-Sisi in March will increase political stability, and in turn will ensure the continuity of the economic reform programme.

According to El-Garhy, S&P’s decision reflects the improvement of the Egyptian economy’s indicators, according to the assessment of the institution, in view of the continued economic reform being carried out by the Egyptian government. The implementation of such reform measures as a flexible exchange rate policy enhances the competitiveness of Egypt.

Furthermore, he explained that the report praised the country’s high growth rates and the low unemployment rates, as well as the improvement of the Egyptian economy’s structure, which has become more balanced through the diversification of growth sources over the last few years, led by investment and exports rather than relying on local consumption.

Meanwhile, Ahmed Kouchok, deputy minister of finance for financial policies and institutional development, expected that S&P will continue to raise its ratings for Egypt’s economic growth over the next four years (2018-2021) from 4.4% to 5.4%.

He noted that S&P’s report sheds light on the recent package of legislative reforms carried out by the Egyptian government, such as the Industrial Licensing Law, the new Investment Law, the Natural Gas Law, and the Bankruptcy Law, which will contribute to improving the business environment during the coming period.

You Might Also Like

Income increases for public workers, pensioners cost EGP 60bn: Minister of Finance

S&P revises outlook for three Egyptian banks to negative

IMF Chief says Egypt may need to slowdown projects to avoid macroeconomic instability

DNE Awards honours e-Finance Investment Group as Most Influential in Digital Transformation

IMF to reach Staff Level Agreement with Egypt very soon

TAGGED: Amr El-Garhy, credit rating, minister of finance, S&P, Standard & Poor
Share this Article
Facebook Twitter Email Print
By Mohamed Samir
Mohamed Samir Khedr is an economic and political journalist, and analyst specialising in geopolitical conflicts in the Middle East, Africa and the Eastern Mediterranean. Over the past decade, he covered Egypt's and the MENA region's financial, business, and geopolitical updates. He is currently the Executive Editor of the Daily News Egypt. Twitter: https://twitter.com/Moh_S_Khedr LinkedIn: https://www.linkedin.com/in/mohamed-samir-khedr/
Previous Article Egypt denounces RT Arabic questionnaire on Halayeb’s ownership, RT deletes it
Next Article USAID, Ministry of Health launch family planning programme
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

CCCPA, African Union train officials on ‘Climate Responsive Programming for Sustaining Peace’
CCCPA, African Union train officials on ‘Climate Responsive Programming for Sustaining Peace’
Politics
Mountain View Sets New Standards for Life Experiences Built On the Science of Happiness at iCity
Real Estate
Egypt's Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
Egypt’s Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
Business
ABB allocates €13bn for green transformation by 2030
ABB allocates €13bn for green transformation by 2030
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?