The Cabinet's spokesman Alaa el-Hadidi has ruled out that Egypt is on the brink of bankruptcy, asserting that Egypt is still committed to timely pay of loans and their interests. "The economic situation is reassuring", he said.

El-Hadidi made the statement in answer to journalists' questions, but he pointed to the economic challenges that Egypt encounters to dress the balance deficit and restructure the States general balance sheet.

On the recent move of the S&P degrading Egypt's credit rating, the spokesman said that it will not have an impact on the loan to be extended by the IMF.