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Egypt: Saudi Arabia and UAE take over from Qatar

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Picking up the baton of Qatari aid to the Muslim Brotherhood, Saudi Arabia and the United Arab Emirates announced their intention to provide the new Egyptian government with the same amount, that is a total of $ 8 billion (5 billion from Saudi Arabia and 3 billion from the Emirates).

Moreover, Egypt also receives $ 1.5 billion from the United States for its army and benefits from a $ 2 billion credit line from Turkey. It doesn’t look as though Washington’s aid may be in jeopardy: to be able to maintain it, the White House carefully avoids using the term "coup" to describe the ousting of President Morsi and the majority Congress is currently not prepared to end cooperation with Egypt. It is unclear what will become of the agreement with Turkey.

In this regard, the Turkish ambassador in Cairo was summoned by the new Egyptian Foreign Minister in protest against Ankara’s interference in his country’s affairs, in light of Prime Minister Erdogan’s latest speech.

Egypt has been in the throes of a severe economic crisis since 2008. The situation worsened considerably after the overthrow of Hosni Mubarak and the government of Mohamed Morsi has been unable to slow down the trend. In two years, the number of people living below the poverty line has increased by at least 50%, foreign reserves have halved, while rating agencies have downgraded the country from "B +" to "CCC +".

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