Saudi Arabia will deposit $1 billion at the Egyptian central bank and buy T-bonds worth $750 million by the end of April as part of a $2.7 billion package to support Egypt's battered finances, an Egyptian official said on Thursday.
Egypt's foreign reserves have tumbled by more than $20 billion to $15.12 billion during the political turmoil and
spasms of violence since Hosni Mubarak was ousted from power last year. The budget deficit has spiraled.
The Egyptian official told Reuters the Saudi package had been agreed two days ago at a meeting of Arab officials in Morocco. There was no immediate comment from Saudi officials.
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