The country's economy was hit sharply for several years in the aftermath of 2011 and 2013 uprisings. To boost the economy, Egypt has adopted a reform plan in 2016 that included float of the currency, increase of taxes, and lift of the subsidy.
In the last three years, the economy was boosted by a recovery of tourism and strong remittances from Egyptians working abroad, the main sources of hard currency.
On Tuesday, Fitch Ratings has maintained Egypt's B+ ratings with a stable outlook, supported by the country's commitment to furthering the reform program.
According to Fitch, the COVID-19 shock is negatively affecting Egypt's external finances, GDP growth, and fiscal performance, but Egypt's economic reforms have provided the country with a degree of flexibility to deal with the pandemic impacts.
The report also expected the growth to recover up to 5.5 percent in fiscal year 2021-2022 and to be maintained at just 5 percent in the medium term assuming a gradual return of tourists.
Madbouly hailed Fitch report as a message that asserts the confidence of the international financial institutions in the national economy and in the reform measures that have been implemented by the government.
【国际英语资讯:Roundup: Egypt achieves positive economic indicators despite COVID-19: statement】相关文章:
★ QE3问答
最新
2020-09-15
2020-09-15
2020-09-15
2020-09-15
2020-09-15
2020-09-15