No more Qatari aid for Egypt
There will be no more Qatari support for the Egyptian economy, the finance minister said on Monday
Click here to add Cairo as an alert
Disable alert for Cairo,
Click here to add Central Bank of Egypt as an alert
Disable alert for Central Bank of Egypt,
Click here to add Hamad bin Jassim al-Thani as an alert
Disable alert for Hamad bin Jassim al-Thani,
Click here to add International Monetary Fund as an alert
Disable alert for International Monetary Fund,
Click here to add Muslim Brotherhood as an alert
Disable alert for Muslim Brotherhood,
Click here to add Reuters as an alert
Disable alert for Reuters,
Click here to add Youssef Kamal as an alert
Disable alert for Youssef Kamal
Qatar does not expect to give further financial aid to Egypt in the immediate term, Qatari Finance Minister Youssef Kamal said on Monday. "We already announced $5 billion," Kamal told Reuters, when asked how much aid Qatar had provided Egypt to date.
Asked whether Qatar expected to provide more, he replied: "Not yet." He did not elaborate.
Qatar has been a key source of foreign aid to Egypt since its 2011 revolution through soft loans and deposits in Cairo's central bank.
"Qatar will stand by Egypt and the Egyptian people's needs," Al-Thani said.
As part of its assistance to Egypt's struggling economy, the oil-rich state provided Egypt with $1 billion in grants, and deposited $4 billion in the Central Bank of Egypt (CBE). Qatar is seen as one of the main international supporters of a Muslim Brotherhood led Egypt.
With Egypt's foreign reserves falling to critically low levels and a hoped-for $4.8 billion loan from the International Monetary Fund delayed by political unrest, there has been speculation that Cairo could turn to Qatar for yet more aid.
- Nip, tuck: Dubai's grand plans for being a major player in medical tourism
- Zain, UNHCR, Facebook to bring free internet access to urban refugees in Jordan
- Yemen Central Bank headquarters to relocate from Sanaa to Aden
- IMF report details the crippling economic effects of conflict in MENA
- Start Up Lebanon entrepreneurs head to Silicon Valley Roadshow