{"id":15599,"date":"2015-12-23T11:46:24","date_gmt":"2015-12-23T16:46:24","guid":{"rendered":"http:\/\/olduvai.ca\/?p=15599"},"modified":"2015-12-23T11:46:24","modified_gmt":"2015-12-23T16:46:24","slug":"egypt-budget-and-current-account-deficits-can-saudi-arabia-bail-out-cairo","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=15599","title":{"rendered":"Egypt budget and current account deficits \u2013 can Saudi Arabia bail out Cairo?"},"content":{"rendered":"<h3 class=\"entry-title\"><a href=\"http:\/\/crudeoilpeak.info\/egypt-budget-and-current-account-deficit-can-saudi-arabia-bail-out-cairo\" rel=\"bookmark\">Egypt budget and current account deficits \u2013 can Saudi Arabia bail out Cairo?<\/a><\/h3>\n<div class=\"entry-content clearfix\">\n<p>Arab News reports:<\/p>\n<p><strong>KSA pledges SR 30bn Egypt aid<\/strong><br \/>\n17\/12\/2015<br \/>\n\u201cJEDDAH: Custodian of the Two Holy Mosques King Salman has ordered that Saudi Arabia\u2019s aid and investment package to Egypt should be increased to SR30 billion (US$ 8 bn) in the next five years.<\/p>\n<p>The announcement was made by Deputy Crown Prince Mohammed bin Salman at a meeting with Egyptian Prime Minister Sherif Ismail in Cairo on Tuesday, said SPA (Saudi Press Agency)<\/p>\n<p>Prince Mohammed said at the start of the meeting that King Salman ordered the increase in the package \u2014 to contribute to Egypt\u2019s oil needs for five years and for an increase in traffic for Saudi ships in the Suez Canal.<\/p>\n<p>According to a\u00a0<a href=\"http:\/\/www.bloomberg.com\/news\/articles\/2015-12-15\/saudi-arabia-may-help-egypt-by-buying-local-debt-official-says\">report in Bloomberg<\/a>\u00a0quoting Egyptian Investment Minister Ashraf Salman on Wednesday, the investment of SR30 billion would be through Saudi Arabia\u2019s public and sovereign funds, with inflows beginning immediately. Egypt is also set to renew a deal to import Saudi oil products for five years on favorable terms, Ismail said.\u201d<\/p>\n<p><a href=\"http:\/\/www.arabnews.com\/featured\/news\/851651\">http:\/\/www.arabnews.com\/featured\/news\/851651<\/a><\/p>\n<p>This follows\u00a0<a href=\"http:\/\/english.alarabiya.net\/en\/business\/economy\/2015\/03\/13\/Saudi-announces-4-billion-aid-package-to-Egypt.html\">pledges of \u00a0US$ 12.5 bn aid<\/a>\u00a0by Saudi Arabia, Kuwait, the UAE and Oman in March 2015, at an economic conference (EEDC) in Sharm el-Sheikh.<\/p>\n<p>Will that be enough to rescue Egypt?<\/p>\n<p>Let\u2019s have a look at Egypt\u2019s \u00a0budget. In the previous post we found that Egypt\u2019s oil production peaked in 1993. Declining and now stagnating oil production against an ever-growing oil demand of a ballooning population meant that Egypt is a net-oil importer since 2010. How did that impact on the budget? We use IMF data available from this website:\u00a0<a href=\"http:\/\/www.imf.org\/external\/country\/egy\/index.htm\">http:\/\/www.imf.org\/external\/country\/egy\/index.htm<\/a><\/p>\n<p>In the last years Egypt experienced turbulent times:<\/p>\n<p>Feb 2011\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Arab Spring, Mubarak resigns, New head of State Field Marshal Tantawi<\/p>\n<p>June 2012\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morsi comes to power after winning presidential elections with 51.7% of votes<\/p>\n<p>&nbsp;<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Egypt budget and current account deficits \u2013 can Saudi Arabia bail out Cairo? Arab News reports: KSA pledges SR 30bn Egypt aid 17\/12\/2015 \u201cJEDDAH: Custodian of the Two Holy Mosques King Salman has ordered that Saudi Arabia\u2019s aid and investment package to Egypt should be increased to SR30 billion (US$ 8 bn) in the next [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[2252,1927,1928,6292,195,250,701],"class_list":["post-15599","post","type-post","status-publish","format-standard","hentry","category-economics","tag-account-deficit","tag-budget","tag-budget-deficit","tag-crude-oil-peak","tag-debt","tag-egypt","tag-saudi-arabia"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/15599","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15599"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/15599\/revisions"}],"predecessor-version":[{"id":15600,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/15599\/revisions\/15600"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15599"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15599"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15599"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}