The European Union is readying a 7.4 billion euro ($8.08 billion) package aimed at shoring up Egypt's economy amid fear that conflict in Gaza and Sudan could exacerbate financial trouble in the country.
The economic situation in Egypt is poor © Mena Today
The European Union is readying a 7.4 billion euro ($8.08 billion) package aimed at shoring up Egypt's economy amid fear that conflict in Gaza and Sudan could exacerbate financial trouble in the country, the Financial Times reported on Wednesday.
European Commission President Ursula von der Leyen will travel to Cairo on Sunday with the Greek, Italian and Belgian prime ministers to finalize and announce an agreement, the newspaper reported.
Egypt's total budget deficit fell to 505 billion Egyptian pounds ($10.5 billion) in fiscal 2023/24 that ended on June 30, compared with 610 billion pounds a year earlier, finance minister Ahmed Kouchouk said in a statement on Wednesday.
Tunisia's prime minister urged European countries on Wednesday to increase financial assistance to his country and others to help tackle the flow of migrants from sub-Saharan Africa.
Egypt will halt load-shedding power cuts during the summer as of Sunday, after some natural gas shipments arrived, Prime Minister Mostafa Madbouly said on Wednesday, in a bid to end a crisis that inconvenienced a population of 106 million.
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