International rating agency Moody's improves outlook for Egypt's economic performance

The Egyptian Ministry of Finance stressed that the positive outlook and recognition by Moody's shows confidence in the management of the Egyptian economy. Egyptian policies have demonstrated the ability to face numerous challenges, and the country is keen to continue working to improve its rating. This is reported by Daily News Egypt, a partner of TV BRICS.

The statement also noted the bold measures taken by Egypt, such as moving to a flexible exchange rate and raising the interest rate, as well as the successful completion of agreements with the International Monetary Fund. Support from the IMF led to increased funding and the receipt of significant funds from the world bank's environmental sustainability fund.

Moody's also predicts that transferring a portion of UAE deposits to foreign direct investment will improve the banking sector in Egypt. The Egyptian Finance Minister Mohamed Maait emphasised that the ministry will continue communicating with other rating agencies and the investment community to explain all reforms and government plans that support the competitiveness of Egypt's investment climate.

He expressed his hope that the positive report from Moody's favours the inflow of investments in the Egyptian economy and credit rating upgrades in all three rating agencies in the coming months.

The minister also reiterated the government's commitment to protecting low and middle-income families and taking social measures to mitigate the impact of economic policies on citizens.

Measures are being taken to protect the most vulnerable and the government will continue to work to increase social spending.