Government: Moody’s changes its outlook on the future of the Egyptian economy from negative to positive

Written by Hind Mukhtar

Wednesday, March 13, 2024 01:19 PM

Dr. Mostafa Madbouly, Prime Minister, chaired today; The weekly government meeting, where a number of important work files were discussed and reviewed.

The Prime Minister moved on to talk about the economic situation, especially after the recent decisions and movements, where he stressed the continuation of efforts to complete the path of economic reform, in coordination between the government and the Central Bank, pointing to building on the positive results of the recent decisions, in a way that contributes to restoring full confidence and providing the required resources from Foreign exchange and attracting foreign investments.

The Prime Minister indicated that this stage is witnessing many positive indicators, most notably the gradual return of remittances from Egyptians abroad to their rates, especially in light of the decline of the black market, given the lack of difference between the official price and the black market price, as well as the campaigns that the Ministry of Interior is currently launching against traffickers. In currency, which resulted in the arrest of many incidents in recent days, according to what the Ministry of Interior announced, adding that banks and exchange offices, according to what Mr. Hassan Abdullah, Governor of the Central Bank, confirmed to me, began receiving many citizens who are transferring dollars and obtaining Egyptian pounds. .

The Prime Minister added that a large portion of the goods accumulated in the various ports had been released, noting that the Governor of the Central Bank confirmed that the past few days witnessed the release of goods worth about 3 billion dollars, stressing that the state will provide everything required in this regard, and that There is currently a plan to pay the dues of foreign partners.

Dr. Mostafa Madbouly pointed to the positive reports on the Egyptian economy that were issued in recent days, pointing in this regard to the Moody’s credit rating agency’s announcement that it changed its outlook on the future of the Egyptian economy from negative to positive, paving the way for improving Egypt’s credit rating during the coming period of This institution is considered the most important globally in this field.

The Prime Minister also explained that Mr. Ahmed Issa, Minister of Tourism and Antiquities, indicated that the past few days also witnessed an increase in tourism companies’ transfers of dollars to the banking system, and obtaining the Egyptian pound.

During his speech, the Prime Minister touched on the visit he recently made, accompanied by a number of ministers, to the city of St. Catherine, to follow up on the developments of the projects being implemented within the framework of developing the “Great Transfiguration on the Land of Peace” site, pointing in this regard to the directives of President Abdel Fattah. Al-Sisi continues to pay attention to the various details of the components of the projects that are being implemented in various sectors in this sacred spot, which has been honored more than any other by the manifestation of God Almighty there.

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