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Ayman El-Gamil: Confirming our credit rating is a certificate for the state, and the performance of the reserves is an instrument of success for the financial policy


Businessman Ayman El-Gamil said that the confirmation by Standard & Poor's Global Corporation for Egypt's credit rating, for the third time since the start of the Corona crisis globally, is a new testimony to the success of the economic policy and the effectiveness of the measures taken in dealing with the epidemic, given its economic effects on many regional and global markets, and pressures. Inflation and the wave of deflation that hit many countries, and in return, Egypt maintains its stability and stability in its performance, and has stable and positive financial solvency, with a good sovereign rating and an optimistic outlook, all of which reinforces a very strong and growing monetary reserve at an upward pace.

 

The prominent businessman added that the recent report of the global institution included maintaining the credit rating of Egypt in both local and foreign currencies at level B with a stable outlook for the third time since the beginning of the Corona crisis, which is a practical translation of Egypt's positive image abroad, and the confidence of markets and external investors. In the local market, its performance, its opportunities and future prospects. He continued: "Most of the countries of the world are suffering from recessionary waves and are shaking under the blows of the epidemic and the pressures it imposed on production, supply and supply chains, and the circulation of goods and services. In contrast, Egypt recorded a positive growth of about 2% with expectations of a return to its previous performance before the crisis at levels close to 6%," With the stable performance of the pound against the dollar, the stability of inflation and interest rates, and the increase in the market's attractiveness for investment thanks to that state of stability and positive performance. "

 

Al-Jamil emphasized that the report of Standard and Poor's Corporation not only confirms that we are living in a reassuring state, but rather that the market has very positive opportunities and prospects for the near future, and that it can overcome the simple negative repercussions of the Corona crisis with the start of the recovery of the surrounding markets regionally and globally, especially as the state It supported the vital sectors and the most affected, and provided support and activation packages for investors, companies and workers in tourism and free activities, and thanks to this the market has maintained stable positive levels of operating, production and commercial trading capabilities, which allowed all projects to continue work and cross the pressure period without having to close or curtail the activity, and now it is preparing The market for an expected period of release from the easing of pressures and entering the recovery path, with the consequent growth in demand for goods, services and entertainment.

 

Businessman Ayman El-Gamil stressed that the stability Egypt achieved and maintained during the long months of the crisis is due to the strength of the market and the diversification of economic structures and growth components, and to the effects of the economic reform program and stimulation and stimulus plans that the state has implemented since 2016 until now, which allowed the effects of imbalances to be overcome. The inherited financial and economic gaps and structural gaps, and strengthened the ability of the budget and public finances to absorb pressures, manage basic needs, provide sufficient surpluses for support and support, and stimulate the affected sectors, and most importantly, possessing and maintaining a strong and diversified foreign exchange reserve, which has recently exceeded the level of $ 40 billion, according to Central Bank data. Despite the Corona crisis and its harsh pressures, and thanks to this reserve, the market has maintained its stability, flexibility and ability to absorb pressure and manage basic needs for long periods, until the crisis crosses and the path of recovery and growth is restored.

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