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.
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