CAIRO: Officials from the United Arab Emirates will visit Cairo in July to discuss a $3 billion package of support for Egypt’s economy that has been hit by political turmoil, the Egyptian finance minister said on Monday.
The UAE is the latest wealthy Gulf Arab state to offer Egypt financial help. Saudi Arabia and Qatar have both offered cash, including help to finance the budget after revenues were hit from the slowdown in business and as tourists fled.
"We had a $3 billion package from the Emirates last week. They are coming to discuss the details in the third week of this month," Finance Minister Samir Radwan told Reuters.
Asked if the funds could include budgetary support, the minister said that some of the cash could be used for that purpose but added: "That is what they are coming to discuss."
He did not give a precise date for the visit.
Radwan did not give details on other budget financing plans.
When asked if Egypt would consider returning to the international markets with a Eurobond, he said: "We shall see."
The minister had led negotiations for a $3 billion loan package from the International Monetary Fund to fill a financing gap. But after agreeing the loan, Egypt turned down the funds.
Radwan told Reuters in June that budget revisions that cut the forecast deficit for the financial year 2011/12 meant the cash was no longer needed and also said the ruling army council was concerned about loading up Egypt with debt.
Egyptians have been frustrated about the slow pace of change since Hosni Mubarak was ousted by an uprising on Feb. 11 and this has prompted widespread talk of a cabinet reshuffle.
Asked if there were any changes planned, Radwan said:
"I honestly don’t know anything about a cabinet reshuffle except what I read in the papers. I really have no knowledge of a cabinet reshuffle. The question of whether I am staying or going does not arise."
