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Egypt says to use Gulf aid, savings for stimulus

Source: Reuters - Mon, 16 Dec 2013 04:33 PM
Author: Reuters
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CAIRO, Dec 16 (Reuters) - The Egyptian government will finance an economic stimulus package of around 30 billion Egyptian pounds ($4.36 billion) using aid from Gulf Arab states and savings, Finance Minister Ahmed Galal said on Monday.

"We have the resources to do it," Galal said, referring to a second stimulus package to be launched in January. "It is partly from savings, partly from the Gulf money that we didn't spend yet," he said during a news conference.

The Egyptian government received aid pledges of $12 billion from Saudi Arabia, Kuwait and the United Arab Emirates after the army deposed President Mohamed Mursi in July following mass protests against his rule. ($1 = 6.8866 Egyptian pounds) (Reporting by Asma Alsharif and Shadia Nasralla; Writing by Tom Perry; Editing by Alison Williams)

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