Saudi Arabia, UAE approve financial aid to EgyptJuly 9, 2013 - 21:35 AMT PanARMENIAN.Net - Saudi Arabia approved $5 billion in aid to Egypt on Tuesday, July 9 and the United Arab Emirates has offered $3 billion in desperately needed support for the economy after the army ousted the Islamist president last week, Reuters reported. The Saudi funds comprise a $2 billion central bank deposit, $2 billion in energy products, and $1 billion in cash, the Saudi Finance Minister Ibrahim Alassaf said. Egypt has struggled to pay for imports since the 2011 uprising that pushed Hosni Mubarak out of the presidency drove away tourists and foreign investors, two of its main sources of foreign currency. Since then it has run through more than $20 billion in reserves, borrowed billions from abroad and delayed payments to oil companies. The United Arab Emirates will make a $1 billion grant to Egypt and a $2 billion loan, state news agency WAM said on Tuesday. The $2 billion loan would take the form of an interest-free deposit with Egypt's central bank, WAM said. The UAE's $3 billion was expected to be part of a larger financial package from the Gulf emirate, the Egyptian source said. Economists warn that the aid will be of only short-term value if Egypt does not use it to overhaul its finances. Top stories Azerbaijani President Ilham Aliyev arrived in Moscow on April 22 to hold talks with Russian counterpart Vladimir Putin. Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". Partner news | Armenia designates flood-hit communities as disaster areas The emergency situation was created by floods caused by heavy rains in Armenia’s north on May 25-26. 17 bridges collapse as a result of floods in Armenia As a result of floods in Armenia’s northern Lori and Tavush provinces, 17 bridges, including five large ones, have collapsed. Armenia: Top cleric to retain title as he bids to become interim PM Galstanyan said earlier that the interim government would be tasked with stopping the “destruction of our homeland”. Ex-mayor of Karabakh capital arrested in Yerevan Ex-mayor of the Nagorno-Karabakh city of Stepanakert David Sargsyan has been arrested for 20 days. |