JP Morgan praises Egyptian economy performance amid pandemic

J.P. Morgan affirmed that Egypt is the only country in the Middle East and Africa that has successfully concluded the annual cycle of reviewing the credit rating, according to Ministry of Finance.

“Egypt has retained the confidence of all three international evaluation institutions, Standard & Poor's, Moody's, and Fitch, during one of the most difficult periods of the global economy,” the American bank stated.

In July, Fitch Ratings affirmed Egypt's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B+' with a Stable Outlook.