CAIRO, July 30 (Xinhua) -- The scientific proactive steps and the economic reform policies taken by Egypt to control the COVID-19 repercussions have helped the country maintain its stable credit profile, the Egyptian cabinet said in a statement on Friday.
The cabinet statement on its Facebook page came a day after Moody's Investors Service decided to maintain a stable outlook on Egypt with B2 rating.
"Egypt has adopted strategies and initiatives for supporting the country's different sectors at the economic, social and health levels that helped achieve positive growth rates," the cabinet said.
Egypt has also sent reassuring messages to the world that it will remain a secured health tourist destination by strictly applying precautionary measures and providing different vaccines, it added.
In its ranking report published on Thursday, Moody's highlighted the Egyptian government's track record of economic and fiscal reform implementation.
"Egypt's broad domestic funding base and renewed build-up of foreign exchange reserves provide a buffer against volatile capital flows and support the government's structural economic reform agenda to improve export competitiveness and broaden the revenue base," the report said.
Moody's expects Egypt's debt ratio to decline to 84 percent of GDP by 2024, supported by continued primary surpluses and a return to economic trend growth of 5.5 percent starting the fiscal year 2022.
In July, the International Monetary Fund expected Egypt's real GDP growth to increase by 5.2 percent in the fiscal year 2021/2022, up from 2.8 percent in the fiscal year 2020/2021.
In May, Egypt announced the second phase of the economic reform program that shifts focus to structural reforms without imposing new financial burdens on citizens.
The first stage of the economic reform that ended in 2019 focused on providing cash and financial reform by lifting nearly all fuel subsidies, implementing a value-added tax, and raising the prices of electricity and transport. Enditem