Vice President and Senior Credit Officer at Moody’s Investors Service, Constantinos Kypreos said that Egyptian economy is witnessing positive progress, speculating an increase in the country’s growth rate ranging from 5% to 6% over the coming four years, Al-Ahram reported.

Kypreos pointed out that the fact that the Egyptian government settled its due payments to foreign oil companies, as well as the recent oil discoveries, had its positive impact on the country’s balance of payments and oil exports.

Kypreos statements came on the sidelines of a conference held in Alexandria, Egypt, that discusses the future of investments in Egypt. Moody’s positive outlook for Egypt is based on the country’s recent economic, fiscal, and legislative reforms, according to Kypreos.

The Vice President further speculated that oil prices would range from $50 to $70 as a result of the global economic slowdown.