Egypt is capable of meeting all global debt obligations – PM

Egypt is fully capable of meeting its international debt obligations, Prime Minister Moustafa Madbouly said on Saturday, seeking to ease market concerns over the North African country’s economic situation.

In April, S&P Global Ratings lowered its outlook on Egypt to negative and expected a further currency deprecation, while Moody’s Investors Service warned last week of rising risks for the government’s “debt affordability and debt-sustainability profile.”

“I reaffirm to you, the Egypt state has not and will not fail to pay back any of its international obligations,” Prime Minister Madbouly said, adding that the government fully factors these commitments into its plans.

“We have not, so far, been late in covering any of our obligations” and “God willing” that will continue.