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Since 25 Jan and former president Hosni Mubarak’s ouster, Egypt has been in a perpetual stage of transition. All dreams of a better future and rosier outlook have evaporated in the midst of unrest that has kept investors and tourists at bay, stifling economic growth. The economy has been battered ever since, with foreign debts …

Dr Mohamed Fouad

Saudi Arabia to give Egypt up to $4bn more aid

Reuters – Saudi Arabia is expected to give Egypt up to $4bn in additional aid in the form of central bank deposits and petroleum products, state-run Egyptian newspaper Al Ahram reported on Thursday. Citing an unnamed ministerial source, the newspaper said the package would be worked out during a visit next week to the kingdom by Egypt’s interim prime …

Daily News Egypt

Egypt will return $3bn to Qatar this year

Reuters – Egypt will return $3 billion that were invested in bonds to Qatar when the debt matures by the end of the year, a central bank source told Reuters on Thursday. “We will return $500 million to Qatar in October and $2.5 billion in November (for) the bonds,” the source said. Three years of political instability have left the Egyptian …

Daily News Egypt

Buoyed by Gulf aid, Egypt current account hits surplus

Reuters – Egypt’s current account recorded a surplus in the first quarter of the financial year, boosted by billions of dollars in aid from Gulf Arab states after the army ousted Islamist President Mohamed Morsi in July. The current account ran a surplus of $757 million between July and September, driven by a massive increase in official transfers, according to …

Daily News Egypt

Regional support braces Egypt while it works toward fiscal stability

Strong support from regional neighbours has helped buttress reserves, and GDP growth should tick significantly upwards next year, but fiscal health nonetheless represents a sticky challenge for whoever wins the forthcoming elections by next spring: traditional revenue sources such as tourism, taxation, exports and investments have declined, while government expenditures in the form of public sector wages and subsidies for both energy and food continued to expand.

Daily News Egypt

US aid: “Recalibration” or change of strategy?

The U.S. State Department announced on Wednesday that it would halt the delivery of large-scale military systems and cash assistance to Egypt’s government. It said “credible progress” must be made towards free and fair elections. US State Department spokeswoman Jen Psaki said the United States is “recalibrating” its military aid to Egypt. While State Department did …

Dr Mohamed Fouad