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FINANCIAL NEWS
Egypt receives final USD500m installment of Qatari aid
30 Dec 2012
(MENAFN) Egypt’s Finance Minister, Mumtaz al-Saeed, announced that the country has obtained the final payment of USD500 million from Qatar to help stabilize the country’s budget and support its currency, reported Arabian Business.
Al-Saeed said that the installment is out of a total of USD2 billion promised by the Gulf country in August.
Since early 2011, Egypt has spent over USD20 billion in foreign reserves to support its currency, with many investors and ordinary citizens hurrying to switch the pound into foreign currencies on concern the government might be forced to permit a sharp depreciation.
In August, Qatar said it would put USD2 billion with Egypt’s central bank in four USD500 million installments to help support the budget, with the first tranche received by Egypt at the end of the month.
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