Egypt considers new stimulus plan

CAIRO - Anadolu Agency

Egypt’s interim president Adly Mansour speaks at a meeting. AFP photo

Egyptian Investment Minister Osama Saleh said yesterday the Egyptian government is considering a new $3.6 billion stimulus package in the near future.

The new plan would aim to revive several major infrastructure projects, the minister told reporters, stopping short from announcing a time frame for the new stimulus.

Egypt’s interim government had already announced an initial $29.7 billion that would cover investment and social service projects.

The United Arab Emirates (UAE), Saudi Arabia and Kuwait have pledged a total of $15.9 billion in aid for Egypt following the July 3 ousting of President Mohamed Morsi.

The aid has helped the Egyptian government to control a mushrooming budget deficit and launch a multi-billion program to revive the economy.

The package has also helped reduce the fuel import bill by $1.8 billion over the last three months, according to a recent report by the Egyptian Ministry of Finance.

$280 million oil aid from UAE

Egypt received petroleum assistance to the value of $280 million from the UAE in October, a high-ranking official from the Egyptian state-run General Petroleum Authority has said. The UAE sent Egypt eight shipments of diesel, gasoline and heating oil last month, the official told Anadolu Agency on Nov. 2, on condition of anonymity.

The UAE aid includes $3 billion in deposits at the Central Bank of Egypt, $1 billion in oil products and $2.9 billion for carrying out development projects.

The Petroleum Authority official said oil assistance from both Saudi Arabia and Kuwait would come to an end by December. Egypt imports petroleum products to the value of $1.3 billion every month.