Egypt Finally Pays Off $7bn Debt To Qatar, Backer Of Previous Islamist Government

Egypt has repaid the final $1bn tranche of the $7bn borrowed from Qatar by the country’s previous Islamist government.

Qatar was, alongside Turkey, the key foreign supporter of president Muhammad Mursi and his Muslim Brotherhood-backed government. Mr Mursi came to power in June 2012 in elections that followed the February 2011 ‘revolution’ that overthrew longtime dictator Husni Mubarak. Almost from the start – through a combination of economic incompetence and a lack of support from the financial establishment – Mr Mursi’s government presided over an economy on life support. The country only, just about, managed to keep its head above water thanks to a total of $7bn in grants and deposits from Qatar during his year in power. (CONTINUED - 997 WORDS)