Standard and Poor's:Egypt's economy could stabilize its growth rate

"Investments in Egypt mirror solid base of its liquidity power in the foreign markets," said a report by the US Standard and Poor's.

The report referred to foreign currency reserves with Central Bank of Egypt as sufficient to meet import requirements for more than seven months.

" The Egyptian economy could stabilize and keep growth rate at 5% during the last four years," elaborated the report, adding that this gave a shot in the arm of the per capita share of the gross national product.

Standard and Poor's said that the Egyptian government, in its endeavor to fulfill its commitment to a reform plan of the economy, adopted new guidelines based on transparency in public financing, and applying strict measures on the budget allocations as well as rectifying the taxation statutes and the taxes collection procedures.

The US standard and Poor's reached the conclusion that the Egyptian government is exerting real efforts to overcome the problems that may hinder the execution of the present projects and the launching of new ones as well.

The report added that Egypt's policy currently focus on boosting its exports with the aim of achieving an actual increase in the gross national production, since the modernization of the infrastructure requires new allocations in the state's budget.