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Egypt seeks financial help from the Gulf

08 Jul 2013

(MENAFN) The governor of Egypt’s central bank, Hisham Ramez, is seeking financial help from the Gulf after the ouster of the Islamist leader Mohammed Morsi which put the country in a critical situation on a political and financial level, reported Dailystar News.

The central bank stated on Sunday that the country’s foreign reserves are sufficient for less than three months of imports, in which only half is in form of cash. Presenting the minimum safe cushion for reserves, according to the IMF.

It is worth mentioning that United Emirates had committed USD3 billion fund to Egypt 2 years ago, however, it would take time before it’s delivered as UAE stated. Qatar on the other hand has funded the country with USD7 billion a year ago.

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