Cairo – Mubasher: The Egyptian government returned the $1 billion last installment of the Qatari deposit on the first of July, according to Middle East News Agency.
"Egypt will pay off the last tranche of the Qatari deposit on time", the central bank's governor told Mubasher Yesterday.
Qatar boosted up the Egyptian economy following the January 25 Revolution that toppled Hosni Mubarak and brought Mohamed Morsi and Muslim Brotherhood to the presidency.
During Morsi's tenure, Qatar had been a stalwart supporter of his rule and granted Egypt $7.5 billion during the year he was in power. But after the Egyptian army deposed Morsi and his Muslim Brotherhood, Cairo's relations with Qatar waned.
Furthermore, Egypt will pay back $1.8 billion foreign debts during July 2016 as well, including the above Qatari installment as well as $800 million dues to the nineteen-creditor Paris Club.
Egypt's total external debt stood at $53.4 billion by the third quarter of the fiscal year 2015/16, according the central bank's database.
Translated by Ahmed Elsayed Ali
