In a dazzling display of monetary muscle, Saudi Arabia and the United Arab Emirates poured $8 billion in a single day into the coffers of Egypt’s army rulers in cash, grants, loans without interest and gifts of gas, a dizzying life-saving infusion into its tottering economy. Forking out sums on this scale in a single day – or even month - is beyond the capacity of almost every world power – even the US and Russia - in this age of economic distress. The Arab oil colossuses managed to dwarf Iran’s pretensions to the standing of regional power.
Tuesday, July 9, just six days after the Egyptian army overthrew the Muslim Brotherhood president Mohamed Morsi, a UAR delegation of foreign and energy ministers and national security adviser landed in Cairo. They came carrying the gifts of $1 billion as a grant and $2 billion in long-term credit.
In well-orchestrated moves, Saudi Arabia then stepped forward with a $5 billion package, of which a lump sum of $2 billion was drafted to Egypt’s state bank that day, followed by another $2 billion as a gift of Saudi gas, and a further $1 billion for propping up the sagging Egyptian currency.
The delivery by two Arab governments to a third of financial assistance on this scale and on a single day is unheard of in the Middle East, or, indeed, anwhere else.
As they celebrate Ramadan, 84 million Egyptians can start looking forward to a square meal at the end of their month of fasting.
This river of largesse was the outcome of a development first revealed by debkafile last week:
More @ DEBKA File
Don't forget the three billion we give them every year.
ReplyDeleteThey just told Obama that he is irrelevant.
DeleteFriendly assistance on this scale tends to diminish the relevance of Washington’s dilemmas over the continuation of its $1.3 billion aid package to Egypt after a military coup, of which $700 million is due this year.
The suggestion that US aid may be used to hasten Egypt’s “swift return to a democratically elected civilian government” loses its force when Saudi Arabia and the UAE have both guaranteed to make up any shortfalls in US aid to Egypt.
Yep, Obamas BFF, the Saudis, just made Obama and the US irrelevant to Egypt. And recall that Barry insisted everyone hated the US because of Bush and that the kowtow to the Saudis and the rest of the world would make us loved everywhere. And how's that shit working out now? Kerry may as well go on an around the world sail now that the entire Mideast policy is turning into a quagmire of dysfunction. Its funny to remember the static Palin got in not knowing the Bush doctrine but has anyone asked Clinton or Kerry just what the hell is the Obama doctrine. Or doesn't it matter at this point in time.
DeleteKerry may as well go on an around the world sail now that the entire Mideast policy is turning into a quagmire of dysfunction.
DeleteIndeed.:)
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has anyone asked Clinton or Kerry just what the hell is the Obama doctrine. Or doesn't it matter at this point in time.
To hurt America most though smoke and mirrors. I remember someone said in so many words: I don't like Romney, but at least he doesn't hate the USA.