Dr. Mostafa Madbouly, Prime Minister, said during the government meeting, today, Wednesday, at the Cabinet headquarters in the New Administrative Capital, that a global press conference will be organized within days, to explain the determinants of the country’s economic position, as well as answer the questions raised on the scene, regarding a number of files. different.
Madbouly explained that the Egyptian state has not and will not fail to pay any obligations, and that it has not, until this moment, been late in paying any obligations.
During the meeting, the Egyptian Prime Minister affirmed the continuation of the government’s efforts to attract investments and boost the participation of the private sector.
Madbouly referred to the active role of the Investor Problem Solving Unit in the Council of Ministers in dealing immediately with the challenges and problems facing investors.
Standard & Poor’s had downgraded its outlook on Egypt from stable to negative.
In its report, the agency maintained the credit rating of sovereign assets at B/B.
The agency indicated that negative expectations reflect risks that the policy measures implemented by the Egyptian authorities may not be sufficient to stabilize the exchange rate and attract foreign currency inflows necessary to meet the sovereign’s high foreign financing needs.
Moody’s, the credit rating agency, had lowered Egypt’s sovereign rating by one notch to (B3) from B2), pointing to the decline in its foreign exchange reserves and its ability to absorb external shocks. The agency changed its outlook for Egypt to stable from negative.
