Egypt, France airdrop aid to Gaza amid growing humanitarian crisis, global criticism of Israel    Supply minister discusses strengthening cooperation with ITFC    Egypt launches initiative with traders, manufacturers to reduce prices of essential goods    SCZONE chief discusses strengthening maritime, logistics cooperation with Panama    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Egypt reviews health insurance funding mechanism to ensure long-term sustainability    Gaza on verge of famine as war escalates, ceasefire talks stall    Gaza crisis, trade on agenda as Trump hosts Starmer in Scotland    Egyptian president follows up on initiatives to counter extremist thought    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Egypt will keep pushing for Gaza peace, aid: PM    I won't trade my identity to please market: Douzi    Sisi calls for boosting oil & gas investment to ease import burden    EGX to close Thursday for July 23 Revolution holiday    Egypt welcomes 25-nation statement urging end to Gaza war    Sisi sends letter to Nigerian president affirming strategic ties    Egypt, Senegal sign pharma MoU to unify regulatory standards    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    58 days that exposed IMF's contradictions on Egypt    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt repays Qatari deposit worth $2.5bn: CBE governor
Published in Daily News Egypt on 29 - 11 - 2014

Central Bank of Egypt (CBE) Governor Hisham Ramez said that Egypt has repaid a deposit worth $2.5bn to Qatar on Friday based on a formal request from Doha.
In televised remarks on CBC, Ramez confirmed the repayment. Egypt also repaid a deposit worth $500m last month.
However, Ramez downplayed any negative impact on the foreign currency reserves after paying back the Qatari deposit, based on his optimism regarding the anticipated fruits of economic reform undertaken in recent months. These efforts have included subsidy reform, tax increases, and legislative review targeted at attracting Arab and foreign investments.
Following the payment made to Qatar on Friday, the total amount of deposits paid back to the country have reached $6bn out of total a total of $6.5bn. The remaining $500m owed to Qatar is set to be paid back by the second half of 2015.
Former assistant executive director of the IMF Fakhry Elfiky said: "Repaying the Qatari deposit is a positive indicator of Egypt's ability to adhere to repayment in a timely manner, and reveals officials' confidence in the recent economic reforms which are expected to improve economic indicators and accelerate the pace of economic recovery."
"Repaying the Qatari deposit worth $2.5bn reduces the pressure on foreign debt, the main element that international institutions rely on to produce a credit rating for the Egyptian economy," he added. "[This] means that we are waiting for a better credit rating soon, which will benefit Egypt's plans to borrow money from international markets at a lower costs to repay debts owed to international oil companies."
Relations between Cairo and Doha deteriorated last year after the Egyptian military deposed president Mohamed Morsi, a Muslim Brotherhood member, following mass protests against his rule.
Qatar has expressed support for the Muslim Brotherhood in the past, and provided Egypt $7.5bn in grants and deposits during the year Morsi was in power.
Following Morsi's ouster, Saudi Arabia, the UAE, and Kuwait sent billions of dollars in aid to Egypt.


Clic here to read the story from its source.