JP Morgan says Egypt only MEA country to keep confidence of big credit rating agencies

The Egyptian economy’s stable performance despite coronavirus

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.

The Egyptian economy’s stable performance despite the novel coronavirus (CVODI-19) pandemic, JP Morgan added.

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 percent 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.