The Egyptian Minister of Finance Hany Qadry Dimian on Tuesday said he considered the rise in the country's credit rating by Moody's evidence of the governmental reform plan success but it is not enough to express the positive developments taking place in Egypt.
On Monday, international rating Agency Moody's changed Egypt's outlook to stable from negative, based on political stability and improved growth but kept the rating at Caa1, saying government finances are still too weak.
"The change of credit rating of Egypt is a very slow, and not commensurate with the speed in which it was cut ratings for Egypt's economy since January 2011," said Dimian.
In the same time, Egypt's international cooperation minister Nagla al-Ahwani said that rise in the country's credit rating by Moody's from a negative outlook to stable is an evidence of the governmental reform plan success.
The International Monetary Fund is expected to visit Egypt under Article IV consultations later this year to study and evaluate the economic program and plan for government reform and its impact on the economy.
Al-Ahwani expected the report would be in favor of the economy due to the positive developments, which have started to be visible on the national economy.
