Qatar aiding Egypt with extra USD 2.5 billion
Cairo: Qatar says it will increase its financial aid to Egypt by USD 2.5 billion, bringing its total assistance to USD 5 billion.
Qatari Prime Minister Sheik Hamad Bin Jassem Al Thani says his nation will loan Cairo an additional USD 2 billion and transfer another USD 500 million grant. He was speaking in Cairo today after a meeting with his Egyptian counterpart.
Qatar has already deposited USD 2.5 billion, helping to prop up Egypt's foreign currency reserves. They stand now at USD 15 billion, and the country's central bank warns that is a "critical minimum" level.
In parallel, Cairo is in renewed discussions for a USD 4.8 billion loan from the International Monetary Fund, aimed at helping cover a widening budget deficit and boost investor confidence in Egypt's ailing economy.