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FINANCIAL NEWS
Egypt pays back to Qatar USD2.5b
30 Nov 2014
(MENAFN) Egypt’s Central Bank announced that it has paid back USD2.5 billion to Qatar, which the country had previously deposited to help the country’s economy by increasing the central bank’s hard currency reserves, Gulf Daily News reported.
With this payment, Egypt said that the amount it has returned to Qatar has amounted to USD6bn, with the remaining USD500 million expected to be paid back during the July-December period of next year
Other Gulf countries that helped Egypt deal with its economic difficulties include Saudi Arabia, the UAE and Kuwait, which together provided Egypt with USD10.6 billion during the last fiscal year, with Kuwait giving Egypt another USD1 billion last month as well.
The current Egyptian government, which has relied on political and economic support from Gulf, said that it is currently trying to balance cutting its deficit while reviving economic growth.
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