- Middle East/North Africa
Qatar called for more economic aid to Egypt Monday during the Arab Summit’s opening session in Doha.
During the opening of the 24th Arab Summit, Qatari Emir Hamad bin Khalifa al-Thani said, “We should economically support the Arab Spring countries, especially Egypt, for the sacrifices it made for the Arab World.”
“Egypt, with its standing and population, deserves support,” he added, describing such support as a duty.
Egypt’s economy has been hit hard since the January 2011 revolution ousted former President Hosni Mubarak. The budget deficit is set to reach LE180 million, which the government is seeking to bridge through loans from international institutions, including the European Union and the World Bank. Foreign cash reserves have also recently reached a critical level.
Negotiations are also taking place between Egypt and the International Monetary Fund to get a US$4.8 billion loan.
Qatar was one of the biggest economic supporters of Egypt in the wake of the revolution, having deposited $2 billion in the Central Bank since then.