Egypt Has Received $29 Billion In Foreign Aid Since 2011

A recent report presented to the Economic Committee of the Egyptian Parliament by the Central Bank of Egypt indicates that Egypt has received a whopping amount of 29 billion dollars in foreign aid since 2011. The report entailed a list of the donor countries, primarily from the Gulf region. Saudi Arabia came in on top with eight billion dollars, followed by UAE with six billion dollars, and then Kuwait, which contributed with five billion dollars.

Qatar also came up in the list, for making a large donation worth eight billion dollars in the Muslim Brotherhood era.

According to Shorouk News, the report also tackles Egypt's economic ordeals, including budget deficits, foreign currency crisis, the unstable state of security, and deterioration of tourism.

The magnitude of the donations contrasted by Egypt's struggling economy, and rumours of an approaching bankruptcy in the financial sphere, raises concerns about the $12 billion IMF loan that Egypt is currently seeking and whether it's a good option for the country in the long run.

Egypt's ability to pay off the loan and stop its imminent debt crisis is doubted, considering the loan conditions that are expected take a toll on Egypt's middle class.