Egypt to repay $1 bln last tranche of Qatari deposit tomorrow: official

Egypt will repay the last $1 billion installment of the Qatari deposit Friday, said Egyptian central bank governor Tarek Amer on Thursday.

“Egypt is committed to making its foreign debt payments on time.” Amer added.

Qatar had helped prop up the Egyptian economy in the aftermath of the 2011 uprising that overthrew Hosni Mubarak and eventually brought Mohamed Morsi and his Muslim Brotherhood to power in the country’s first democratic elections.

The Gulf state, a supporter of the Brotherhood, provided Morsi’s government with billions of dollars in deposits, grants and energy supplies during his year in power. But Egypt’s relations with Qatar have soured since Sisi ousted Morsi in July 2013 following protests against his rule.

Since Morsi’s ouster, Egypt has relied on support from Saudi Arabia, the United Arab Emirates and Kuwait, which see the Brotherhood as a threat to their interests.

Moreover, Egypt will also pay back $800 million of debt to the Paris Club of creditor countries next July, the Egyptian central bank official said.

The Paris Club is comprised of 19 creditors selected by the International Monetary Fund, aimed at finding coordinated and sustainable solutions to the payment difficulties experienced by debtor countries.