Voice of America: Gulf Billions Buy Egypt Economy Breathing Space

Voice of America Voice of America is an international news and broadcast organization serving Central and Eastern Europe, the Caucasus, Central Asia, Russia, the Middle East and Balkan countries

Gulf Billions Buy Egypt Economy Breathing Space Jul 10th 2013, 14:33, by webdesk@voanews.com (Reuters) Twelve billion dollars in aid from Egypt's wealthy Gulf allies have bought Cairo a window of several months to try and stabilize its politics and repair its state finances - or face fresh economic turmoil. The massive packages of grants and loans unveiled by Saudi Arabia, the United Arab Emirates and Kuwait on Tuesday and Wednesday should boost Egyptian foreign reserves enough to avert a balance of payments crunch that was looming this year. By replenishing state coffers, they will keep ... Media files: 299D0E00-CF0E-4C21-A2B4-005E8015389E_cx0_cy0_cw0_w800_r1.jpg (image/jpeg, 0 MB)

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