Egypt only MEA country to retain confidence of big credit rating agencies: JP Morgan

In appreciation of the Egyptian economy’s stable performance despite the novel coronavirus (CVODI-19) pandemic, JP Morgan said Egypt was the only Middle East and Africa (MEA) country to retain the confidence of world’s big credit rating agencies; Standard & Poor’s, Moody’s, and Fitch Ratings.

Egypt’s Finance Minister Mohamed Maait said the economic reforms that the political leadership had initiated with an insightful vision in a timely manner, and supported by the Egyptian people, helped the Egyptian economy stay resilient in the face of internal and external shocks.

He added that the government pursued a proactive policy in dealing with the COVID-19 crisis, as the political leadership took the initiative to allocate a financial package in support of the Egyptian economy amounting to 2% of the gross domestic product (GDP). The move contributed to alleviating the shock and supporting the most affected sectors and groups.

Maait pointed out that Egypt was one of a few countries that achieved a positive real growth during 2020, the highest rate in the world.

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