Qatar says no more aid to Egypt for now

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. (Reuters)

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.


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.


In January, Egypt’s foreign reserves rose to $15.5 billion, helped by the deposit by Qatar to support the economy, its finance minister said.


Qatar pledged to stand by Egypt to help support the nation, which has been battered by political turmoil and violence that has scared away investors.

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Last Update: Monday, 11 March 2013 KSA 13:58 - GMT 10:58
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