Qatar says no more aid to Egypt for now

Qatar says no more aid to Egypt for now

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Mon, 11/03/2013 - 10:29

DOHA — Qatar does not expect to give further financial aid to Egypt in the immediate future, Qatari Finance Minister Youssef Kamal said Monday.

"We already announced LE3 billion (US$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.