CAIRO – 21 March 2019: Egypt’s President Abdel Fatah al-Sisi stated on Thursday that his economic reform program was inevitable to achieve a better living standard for citizens, and thanked Egyptians for enduring the difficulties accompanied with reforms with patience and courage.
Commenting on Fitch's decision to upgrade Egypt's credit rating to B+, Sisi praised the improvement of the various economic and financial indicators and the international institution’s confidence of the Egyptian economy, the Egyptian presidency announced.
Fitch's decision to upgrade Egypt's credit rating to B+ testifies to the Egyptian government's success in implementing its comprehensive economic reform program.
This came during the president’s meeting with Prime Minister Mostafa Madbouly, Minister of Social Solidarity Ghada Wali, Minister of Planning Hala Al-Saeed, Minister of Finance Mohammed Maait and other top officials.
This meeting held to review the draft state budget for the fiscal year 2019/2020, where the Minister of Finance presented the features of the draft budget.
Moreover, the Egyptian president directed the government on Thursday to withdraw its appeal against the High Administrative Court ruling issued in February regarding the pensioners’ right to receive annual increases to their pensions.
President Sisi also ordered the government to send the matter to the general assembly to the State Council.
On 21 February 2019, Egypt's High Administrative Court ruled that post-2006 pensioners have the right to receive annual increases from the government, putting an end to a lawsuit that started in March 2018 against the government by the Pensioners Union, which was headed by long-time workers and pensioners activist El-Badry Farghaly.
The Egyptian government declared following the court ruling that it would appeal the decision.
Also, the president discussed the proposal submitted by the committee formed to reform the wage system during the meeting.
President Sisi ordered the government to take the necessary measures in this regard and the committee to complete its work within one month.
Thu, Mar. 21, 2019
