• Voter paralysis

    With so much tilting voters against change, democratic reason is the loser, says Solly Moeng.

  • The power of perseverance

    True grit is a reliable predictor of who will achieve success in life, says Ian Mann.

  • It's the system

    The system sucks and it’s being used far too often as an excuse, says Mandi Smallhorne.

All data is delayed
Loading...
See More

Egypt urges G8 to help unlock promised aid

Dec 27 2011 14:24
Reuters

Cairo - Egypt's prime minister appealed to Group of Eight countries on Monday to help unlock billions of dollars in aid promised in September but not yet delivered under an initiative to support countries of the Arab spring.

Army-backed Prime Minister Kamal al-Ganzouri, who was appointed in November, met ambassadors of G8 countries to tell them Egypt needed financial support immediately, Foreign Minister Mohammed Kamel Amr said.

Under the so-called Deauville partnership, G8 countries agreed to supply economic and political aid quickly to several Arab governments in return for commitments they would pursue democratic reforms.

The partnership, which also includes Saudi Arabia, Qatar and Turkey and international organisations such the International Monetary Fund (IMF), has so far pledged about $80bn in financing to Tunisia, Egypt, Morocco and Jordan over the next two years.

"The prime minister met with the ambassadors of the G8 countries to discuss Egypt's urgent economic needs and what these countries can give Egypt within the framework of the Deauville partnership," Amr told reporters after the meeting.

"The prime minister shared with the ambassadors the government's plan to ensure security and stability on the streets," he added.

Ganzouri said last week that apart from $1bn sent by Saudi Arabia and Qatar, Egypt had received little of the promised aid.

Egypt has lost billions of dollars in revenue from tourism and investors, who were frightened away by the uprising that toppled Hosni Mubarak in February.

The financing under the Deauville partnership is mostly in the form of loans rather than outright grants, and is provided half by G8 and Arab countries and half by various lenders and development banks.

In June, Egypt negotiated a $3bn financial package from the IMF in June, only for its ruling military council to reject it a few weeks later.

g8  |  egypt  |  arab spring

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

THE DEBT ISSUE

Debt is one of the biggest financial issues facing South Africans today. Find out how you can avoid and manage your debt with Fin24 and Debt Rescue.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Would you take out a payday loan?

Previous results · Suggest a vote

Loading...