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Egypt Returns $2 Billion to Qatar in Sign of Growing Tensions

Alshawi1234

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Egypt Returns $2 Billion to Qatar in Sign of Growing Tensions

— Egypt has returned $2 billion that Qatar had deposited with its central bank, after talks to convert the funds into three-year bonds broke down, central bank Governor Hisham Ramez said on Thursday.
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Egypt authorities have also refused a Qatari request to increase the number of flights between the two states, according to Egyptian airport sources, in a further sign of rising tension between the two Arab Muslim states.
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Cairo's relations with Qatar deteriorated after the Egyptian army deposed Islamist President Mohamed Morsi on July 3. Qatar had been a firm backer of Morsi's Muslim Brotherhood and lent or gave Egypt $7.5 billion during the year he was in power.
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Qatar had sent Egypt $3 billion in May, of which it converted $1 billion into three-year bonds.
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Ramez told Reuters in a telephone interview that the Qatari authorities had agreed to convert the entire remaining $2 billion but then changed their minds.
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“They wanted to postpone it, then they said they would do it like they announced last time, and then they came back with some amendments, doing part and postponing the other part for a time, which we found not suitable for us,” he said. “So we just repaid the deposit.”
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On July 1, Egypt converted the $1 billion into three-year bonds at 3.5 percent interest and in May it converted another $2.5 billion of Qatari loans into 18-month bonds at 4.25 percent interest. The bonds were listed on the Irish stock exchange.
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Since Morsi's ouster, Saudi Arabia, Kuwait and the United Arab Emirates have pledged Egypt $12 billion in grants and interest-free loans.
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“I would assume they are fairly relaxed about their short-term finances and they can rely on aid from other Arab countries,” said Simon Kitchen, a Cairo-based strategist with EFG Hermes.
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Egyptian officials have said that the loss of the Qatari funds would not affect the country's financial situation during the budgetary year that began on July 1.
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An official in the Qatari finance ministry said it respected Egypt's decision, according to the state news agency. It also said negotiations had failed after Egypt asked for the full amount to be changed into bonds in one move while Qatar wanted this to be done in stages.
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Egyptian-Qatari relations
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Egypt's refusal on Thursday to increase the number of flights between the two states “came in reaction to the recent escalations between Egypt and Qatar after Egypt returned the $2 billion deposit of Qatar,” one airport official said.
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The official said that during Morsi's rule the Qatari airlines had run more flights but not EgyptAir, harming the Egyptian company's profits.
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“This deal is expected to be scrapped soon as well,” the source added.
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Qatar condemned last month's attack by Egyptian security forces on Muslim Brotherhood supporters camps in Cairo in which hundreds were killed and has asked for the release of jailed Muslim Brotherhood leaders. At least 2,000 Islamist activists, mostly from the Brotherhood, have been arrested in the past two months.
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Egypt called Qatar's pro-Morsi comments clear interference in its affairs. Local media accused Qatar of seeking to take over Egypt's historic regional leadership role.
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Egyptian authorities have closed the Cairo offices of Qatar's Al Jazeera news channel, accusing it of siding with Morsi, and two Al Jazeera journalists have been detained for over a month.

Egypt Returns $2 Billion to Qatar in Sign of Growing Tensions


In other news, Qatar has decided o pull all of its students which are studying in Egypt. The Egyption authorities have sent a 7 passenger van to take the students home.
 
Qatar never supported Egypt, they only supported the Muslim Brotherhood for whatever reason. Bad strategy on the long run, if you ask me.

What is the future of the Eygpt ? Will you turn over from the countries who doesn't support coup or had affinity with MB.

More important which countries will Eygpt will ally itself with. It seems Israel and US by the looks of the progress.
 
What is the future of the Eygpt ? Will you turn over from the countries who doesn't support coup or had affinity with MB.

More important which countries will Eygpt will ally itself with. It seems Israel and US by the looks of the progress.

a coup wanted by the people is named a revolution

enough of Erdogan propaganda pls
 
a coup wanted by the people is named a revolution

If there had been immediate elections after the coup, it could be named revolution. As for know we don't know for sure, if the majority of the Eygptian people is pleased with the current situation or not.

enough of Erdogan propaganda pls

I don't care about Erdogan, i'm just stating my own thoughts.
 
If there had been immediate elections after the coup, it could be named revolution. As for know we don't know for sure, if the majority of the Eygptian people is pleased with the current situation or not.

Parliamentary elections will be held by the turn of the new year and Presidential elections will be held 2 months after those. The constitution must first be amended (as it is) and then be put to a referendum (which it will). Immediate elections simply weren't feasible. Th e overwhelming majority of Egyptians support the decision the military made (and thats for sure).
 
Parliamentary elections will be held by the turn of the new year and Presidential elections will be held 2 months after those. The constitution must first be amended (as it is) and then be put to a referendum (which it will). Immediate elections simply weren't feasible.

That's good news. :tup:

The overwhelming majority of Egyptians support the decision the military made (and thats for sure).

That will be revealed in the upcoming elections.

Another important question. Is MB going to be allowed to run in the elections ?
 
Al Sissi is the saver of Islam & the free world. He comes just like sent by God when the country was totally under the leash of the JEW USA

Have the JEW USA created Al Qaeda in Egypt? Yes with Morsi the muslim brother.

Have the JEW USA ordered it trojan Morsi to declare war against Syria? Yes

JEW USA system including Qatar never help arabs. They give them some weapons to be a power to beat other arabs for them. They just put dictators like Mubarak & Morsi to prevent the country from developing correctly, so the JEWS can make later kill everybody slowly to achieve the Great Israhell from the rich Nile to the Euphrate

So we can't say that JEW USA help Egypt. At the opposite we can say that JEW USA helps Israhell, as they send them weapons and don't try to demolish them secretly.
 
Egyptian deserve Mubarok. It cant never become a country of its own.
 
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