The drop in global oil prices will not deter Saudi Arabia from supporting Egypt’s economy, its ambassador said on Thursday, adding Riyadh’s support would help ease an acute dollar shortage and reduce pressure on the government budget.
“The confidence of the Arab and Saudi investor will increase after the announcement of the increase in investments,” Ahmed al-Qattan told a news conference in Cairo. “These Saudi-Egyptian relations will gain in strength day after day.”
He said Saudi aid would help Egypt push ahead with an energy subsidies reform programme that seeks to reduce spending on petroleum products from its current level of about $600 million a month.
