Gulfi cash still flowing down the Nile: Egypt receives $2 bn from Saudi
Egypt’s central bank has received $2 billion in Saudi funds, the latest instalment of a $12 billion aid package pledged by Gulf Arab states after the military ousted Islamist President Mohamed Mursi on July 3.
Egypt’s finances, in havoc from political strife since Egypt’s 2011 popular uprising, worsened in the first five months of 2013, with the budget deficit widening to almost half of all state spending.
Foreign reserves fell to $14.9 billion in June, representing less than the three months of imports that the International Monetary Fund considers to be a minimum safe cushion.
- Worth a gasp? Abu Dhabi’s inflation already up 2.1% in 2014's first two months
- What's the attraction? IIF says UAE’s economic stability wooing foreign capital investment
- Public-private partnerships may be key to take Gulf's economic growth to next level
- Blame it on the women: Why KSA businesses are saying govt feminization program costing them millions
- Kazakhstan calling: Astana looking to target $5 billion in investments from UAE