(MENAFN- Kuwait News Agency (KUNA)) The international credit rating agency Standard & Poor's (S&P) raised its sovereign credit rating for Egypt from stable to positive.

The new rating reflects the positive impacts of the recent government decisions and improvement of the economic performance, Minister of Finance Hani Qadri told reporters here on Friday.

"This is the fourth time for international credit rating agencies to testify to the improvement of, and express confidence in, the Egyptian economy in the last seven months," the minister said.

Moody's upgraded Egypt's credit rating twice in last October and April while Fitch did so in November, he recalled.

Qadri noted that these assessments are of crucial importance since they signal trust in the Egyptian economy, thus encouraging the international, regional and local financial institutions to finance economic projects in the country.

He reaffirmed the government resolve to continue the economic reforms including the amendment of the taxing policy, rationalizing subsidy for energy, and improving the investment atmosphere.