The US ratings agency Standard and Poor's has issued a complimentary assessment of the Egyptian economy, noting that a growth rate of 5 percent during the past four years offers foreign investors the promise of a stable economy. Adding to this sense of stability, the report said, are the Egyptian central bank’s foreign currency reserves, which are sufficient to meet import requirements for more than seven months.
The Standard and Poor's report said that the Egyptian government has made progress in fulfilling its commitment to reforming the economy. To this end, it has introduced measures to improve transparency in public financing and has applied strict measures on the budget allocations.
Noting that the modernization of the Egyptian infrastructure requires additional allocations in the state budget, the S&P's report paid tribute to the Egypt's policy of boosting its exports with the aim of achieving an increase in the gross national production. — (Albawaba-MEBG)
© 2000 Mena Report (www.menareport.com)
