CAIRO: Egypt's finance ministry said on Saturday that it had received the first $500 million deposit from Qatar as part of a $2 billion loan agreement for the country. Egypt, which is currently facing major government funding pitfalls, has requested numerous loans from the Gulf region as well as the International Monetary Fund (IMF). The hope is that the loans will enable the government to ensure a post-revolution financial crisis does not hit the country. Finance Minister Mumtaz El-Saeed was quoted by the MENA news agency as saying that it was “the first tranche of $2 billion the Gulf emirate's commitment. His ministry said Egypt expects to receive the remaining funds from Qatar sometime next month. The loan aims to help Egypt's struggling economy as foreign reserves continue to dwindle since the popular uprising ousted the former government of Hosni Mubarak in February 2011. Egypt officially asked once again for a $4.8 billion loan from the IMF to plug gaps in the balance of payments and its growing budget deficit.
