Fitch’s downgrade comes amid severe pressure on Egypt’s economy

Egypt’s Minister of Finance, Mohamed Maait has commented on Fitch’s decision to downgrade Egypt from B+ to B, saying the Egyptian economy over the last 15 months has been under severe pressure.

This comes amid the complex global challenges of the Ukraine war, global inflation wave, interest rise, and coronavirus pandemic, as the flights had stopped and the countries have closed down, which resulted that the tourism has reached zero, Maait added.

Maait also noted on Saturday during a phone call that the country has been paying for tourism, aviation and irregular employment, and has seen its revenues decline during the coronavirus pandemic.

He confirmed the existence of prejudices by classification institutions and international research centres on the Egyptian economy, given the number of daily reports issued on Egypt.