RIYADH: Egypt recorded its highest level of dollar resources in its history in July, amounting to approximately $8.5 billion, reflecting the improved performance of the country’s economic indicators.
Speaking at a press conference, Prime Minister Mostafa Madbouly explained that these resources, excluding hot money, were generated across various state sectors, with remittances from Egyptians abroad seeing a historic surge, highlighting the strong confidence and trust citizens have in the national economy, according to a statement.
He also confirmed that the government is finalizing a comprehensive roadmap outlining Egypt’s development and economic strategy through 2030, marking the country’s transition into the post-International Monetary Fund phase.
The developments come after US-based credit rating agency Fitch affirmed Egypt’s long-term foreign-currency issuer default rating at “B” with a stable outlook in April.
The rating was supported by the country’s relatively large economy, fairly high potential gross domestic product growth, and strong support from bilateral as well as multilateral partners.
