Qatar has announced that it will provide the Egyptian authorities with a non-repayable aid of an additional two billion dollars, of which 500 million dollars will be paid immediately, in order to stop the depreciation of the national currency of that country.
The political crisis in the country has led to a mass conversion of Egyptian pounds into dollars in recent weeks, causing the national currency to fall to a record low value against the dollar.
This information was released following a meeting between the Qatari delegation and Egyptian officials in Cairo, reports Al-Jazeera. Qatar’s total aid to the Egyptian budget will thus be increased to five billion dollars.
The authorities in Cairo need fresh money to cover the growing budget deficit and encourage foreign investors. Representatives of the IMF are expected to arrive in Egypt soon.
