Fitch IBCA lauds Egypt's economic stability

The recent report issued by the world financial institution Fitch IBCA lauded the efforts exerted by Egypt's new government under Atef Ebeid in pursuing economic reform and privatization programs, commending social action system.

The statement ascribed the investment climate improvement to the efforts exerted by the new cabinet in removing administrative obstacles and in cutting through the red tape. It further hailed measures taken by the government to overcome hurdles facing exportation.

The statement, also, lauded the government's moves aiming to encourage foreign investments, pointing out to the remarkable progress in tourism sector. Despite Luxor tragedy, oil prices' drop, and Asian crisis, yet Egypt's economy has managed to maintain economic reform mechanisms and realized augmenting growth rate, according to the statement.

On his part, Minister of Economy Youssef Boutros Ghali affirmed that there is sustainable improvement in Arab most important economic indicators, expounding that Egypt's economy enjoys an apt climate for real investments. He added that Egypt's economy faces several challenges and demonstrated ability in coping with rapid world economic changes.