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Qatar helped Egypt increase foreign reserves to $15.5bn
- Egypt: Sunday, January 20 - 2013 at 04:24
Egypt's finance minister has said the country's foreign reserves have risen to $15.5bn, helped by a deposit by Qatar to support the economy, although they are still close to critical levels after being run down to defend Egypt's currency, Reuters has reported. Qatar said earlier this month it had lent Egypt $2bn and given it $500m outright. It has pledged to stand by Egypt to help support the country. Egypt has spent about $21bn of its reserves since the start of 2011 when the uprising against former president Hosni Mubarak erupted, plus several billion dollars in additional aid and support from Qatar and other donors to defend the Egyptian pound.
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