The Egyptian economy is resilient and able to meet its external financial needs, despite the challenges posed by geopolitical tensions and rising interest rates, according to Finance Minister Mohamed Maait. He made this statement on Saturday in response to Fitch’s decision to downgrade Egypt’s credit rating from “B” to “-B” with a stable outlook.
Maait said that Egypt has secured sources of external financing until the end of the current fiscal year, estimated at $4bn, by diversifying its international markets. He cited the successful issuance of samurai bonds in Japan and sustainable bonds in China, worth $500m each, as examples of Egypt’s access to favourable terms from multilateral development banks. He also said that Egypt has repaid $52bn of its external obligations over the past two years, despite the global economic difficulties.
The minister highlighted the…
