In a statement on Friday, the Ministry of Finance commented on Moody's outlook, saying it “did not take into account the government's ongoing efforts.”

The finance minister, Mohamed Maait, added that the government’s Initial Public Offering (IPO) program strengthens Egypt's ability to meet its financing needs over the next two years and attract more investment inflows, reducing the need for external financing.

Moody's recently revised Egypt's outlook from "stable" to "negative," citing worries about the country's credit profile. Moody's decided to maintain Egypt's credit rating at "Caa1."

Maait highlighted the success of the state in withdrawing from several economic activities at a value of $3.5 billion within the program, which helps increase foreign currency inflows to cover the Egyptian economy's needs.

Moreover, the ministry indicated the possibility of obtaining around $5 billion annually under favorable conditions from multi-lateral development banks.

The ministry also shed light on structural reforms being implemented by the state to increase economic growth by increasing the private sector’s participation in the economy.

Recently, Egypt achieved a primary surplus of EGP 150 billion.for the first half of the fiscal year 2023/2024 (FY23/24), according to data from the ministry of finance.

Maait noted in this regard that the general budget achieved a total deficit of 4.95% of the gross domestic product during the period from July to December 2023 which is considered the first half of the FY23/24.