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Economic news today ... Fixing the credit rating confirms the merit of the Egyptian economy


Today, Saturday 5-8-2021, the news of the Egyptian economy has diversified today, among its most prominent news: Standard & Poor's credit rating institution has affirmed the sovereign rating of the Egyptian economy at the level of B / B in the long-term and short-term.



Minister of Planning: Fixing the credit rating confirms the merit of the Egyptian economy


In a move that strengthens confidence in the Egyptian economy, Standard & Poor's credit rating institution has fixed the degree of sovereign rating for the Egyptian economy at the level of B / B in the long-term and short-term, while maintaining a stable outlook, supported by Egypt's record in economic and financial reforms. And the macroeconomic stability that led to the accumulation of foreign exchange reserves and the increase in growth rates in the two years preceding the Corona pandemic, as well as Egypt's achievement of positive growth rates despite the global pandemic, which makes Egypt's foreign liquidity, and according to Standard At Poor's in its latest report, the stable outlook Egypt reflects that the pressures on external and government debt indicators will be temporary, and will gradually decrease as of the beginning of next year 2022, supported by the growth of GDP and current account revenues.


In its report, the agency added that Egypt's foreign exchange reserves and access to domestic and foreign debt markets allow the government to cover the high external financing needs and upcoming maturities.


The Export Council for Engineering Industries sets 4 axes for cooperation with the "Supreme Exportation"


Eng. Sherif Al-Sayyad, Chairman of the Export Council for Engineering Industries, confirmed that the Cabinet's approval of the President's draft decision regarding reforming and organizing the Supreme Council for Export, to be headed by the President of the Republic or his representative, and the membership of each of the Prime Minister, the Governor of the Central Bank, and a number of ministers and officials It is considered a step on the right path towards dealing with the export file in a more professional manner and to solve the problems that may hinder national exports during the coming period.


 

The President of the Export Council added in a statement today, Saturday, that this step comes at a very important time, especially with the continuing negative repercussions of the Corona virus on the export movement, indicating that the Export Council is considering 4 proposals to present to the Supreme Council of Export, the most important of which is to reduce production costs and solve the deformation crisis. And further deepening the local component and local accreditation laboratories.


The continued confidence of international institutions in the ability of the Egyptian economy to deal with the Corona crisis


Dr. Mohamed Maait, Minister of Finance, confirmed that the decision of Standard & Poor's to maintain the credit rating of Egypt in the local and foreign currencies as it is unchanged at the “B” level, while also preserving the stable outlook for the Egyptian economy, the “Stable Outlook”, for the third time in a row. Since the beginning of the Corona crisis, the continued confidence of international institutions and credit rating agencies in the resilience of the Egyptian economy and its ability to positively and flexibly deal with the repercussions of the "pandemic", compared to countries with similar or higher credit ratings, at a time when economic conditions deteriorated in most peer and emerging countries.



He indicated that the Egyptian economy, according to the estimates of Standard & Poor's in its latest report, can overcome the negative repercussions of the pandemic due to the improvement of major economic indicators such as the stability of public finances, the presence of a large and reassuring foreign exchange reserve, in addition to the government's continuing implementation of reforms. Financial, economic and structural conditions that improve the business operating environment and ensure the sustainability of economic indicators conditions.


Union of Chambers: Intensive meetings to develop commodity exports and attract investment


Engineer Ibrahim Al-Arabi, President of the General Union of Egyptian Chambers of Commerce and President of the African Union of Chambers of Commerce, Industry and Agriculture announced that the General Federation of Chambers of Commerce has launched a series of intensive international meetings to develop commodity exports and open new markets for Egyptian exports in addition to developing tourism relations with countries that started Opening travel to Egypt, in addition to studying attracting new direct international investments to the Egyptian market.


Al-Arabi said that these meetings come within the framework of the Federation of Chambers of Commerce plan to support the national economy to confront the third wave of the Corona pandemic, whose negative effects have begun to appear on international markets.

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