Egypt turns back on IMF and looks to Gulf for stimulus - The National:
"Egypt is betting on aid from its oil-rich Arabian Gulf neighbours to spur its ailing economy, ending a two-year pursuit of an IMF loan it had touted as vital to regaining investor confidence.
The government has announced approval of a 22.3 billion Egyptian-pound (Dh11.75bn) stimulus package after securing US$12 billion in aid pledges from the Gulf last month. Egypt doesn't "currently have the desire or the need to ask for assistance from the IMF," the finance minister Ahmed Galal said.
Saudi Arabia, the UAE and Kuwait rushed to aid Egypt following the military's removal of Mohammed Morsi from the presidency last month."
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