Egypt Says to Use Gulf Aid, Savings for Stimulus

The Egyptian government will finance an economic stimulus package of around 30 billion Egyptian pounds ($4.36 billion) using aid from Gulf Arab states and savings, Finance Minister Ahmed Galal said on Monday.

“We have the resources to do it,” Galal said, referring to a second stimulus package to be launched in January. “It is partly from savings, partly from the Gulf money that we didn’t spend yet,” he said during a news conference.

The Egyptian government received aid pledges of $12 billion from Saudi Arabia, Kuwait and the United Arab Emirates after the army deposed President Mohamed Morsi in July following mass protests against his rule.

Source: Reuters