Qatar has announced it is doubling its aid to Egypt with a new injection of cash, the equivalent of 1.5 billion euros.
The move comes as Cairo faces a currency crisis after the recent political upheaval.
The lifeline eases pressure on President Mursi as he negotiates a multi billion dollar loan with the International Monetary Fund.
Although the IMF is willing to help it wants to see reforms including tax hikes and cuts in subsidies before handing it over.
Austerity measures which are not widely popular and could hurt Mursi’s Muslim Brotherhood at the polls.
Egypt’s main source of hard currency is tourism but the ousting of President Mubarak and further political turmoil has undermined the industry.
Qatar’s intervention is seen as a bid to increase its influence in the region.
Copyright © 2014 euronewsMore about:
Wires > News
- 04:58 CET China to pitch high-speed trains to California
- 04:20 CET Canada police kill ‘radicalised’ driver after he rams two soldiers
- 04:12 CET Total CEO de Margerie killed in Moscow business jet accident
- 03:23 CET Turkey to let Iraqi Kurds reinforce Kobani as U.S. drops arms to…
- 02:31 CET Panama arrests supreme court judge on suspicion of corruption
- 02:03 CET Unfinished war in Sri Lanka threatens paradise regained
- 01:54 CET South Sudan sexual violence ‘rampant,’ two-year-old raped – U.N.
- 01:34 CET Polls shows Rousseff gaining momentum as Brazil election nears