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FINANCIAL NEWS
Egypt receives USD10.6b aid from Gulf
09 Nov 2014
(MENAFN) Egypt Finance Ministry reported it has received USD10.6 billion in aid from Gulf states, particularly from Saudi Arabia, the United Arab Emirates and Kuwait, in the last fiscal year, Arabian Business reported.
Of the total aid received by the country during the last fiscal year, USD7.23 billion was in the form of petroleum products, while the remaining USD2.90 billion were in the form cash grants.
These aids come after the Gulf states promised that they would help Egypt in dealing with its current economic troubles by giving about USD12 billion in aid.
Helped by these aids as well as the current reform plan set by the Egyptian government, the country’s deficit shrank to USD35.30 billion, which is about 12.8 percent of GDP, in 2013-14, declining compared to USD33.13 billion or 13.7 percent of GDP registered last year.
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