Egyptian Minister of Finance Hazem al-Beblawy announced Qatar offered Egypt a U.S. $500 million grant in October to support the Egyptian budget. Al-Beblawy told Reuters the grant money was transferred last week to support the Egyptian economy. Al-Beblawy also said economical deficit developed in Egypt because of political tribulation in Egypt. He is holding negotiations with Arab Gulf countries to provide Egypt with financial support. Egyptian experts expect the public budget's deficit will reach 8.6 percent of total local output in the current financial year, which will end by June 2012 and their expectations is optimistic.
