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Wednesday
Apr102013

Egypt (and Beyond) Live: Qatar Extends Financial Lifeline with $3 Billion Grant

Egypt's Morsi & Qatar's Al-Thani1855 GMT: Egypt. President Morsi's has said that all legal complaints lodged against Egyptian journalists will be withdrawn.

Presidential spokesman Ihab Fahmy said that the President's decision was based on his "respect for freedom of expression."

1500 GMT: Turkey and Israel. Turkish Minister of Energy Taner Yildiz has said that it is too early to talk of energy deals with Israel despite signs of reconciliation between the two countries; however, he said Turkey was open to energy cooperation in the future.

Last month, Israeli Prime Minister Benjamin Netanyahu apologised to Turkish counterpart Recep Tayyip Erdogan for the slaying of nine Turkish civilians aboard a Gaza-bound ship by Israeli commandoes in May 2010.

"The reason for Israel's apology was not energy projects. But the consequence could be energy projects," Yildiz told reporters at an energy conference in Ankara.

"We have said we are not closed to these in the future. But at this stage ... it is early to talk about energy projects."

1440 GMT: Egypt. A Government-commissioned report has accused armed forces of participating in forced disappearances, torture, and killings across the country during the 2011 uprising against the Mubarak regime, even as military leaders publicly declared their neutrality.

The report, yet to be made public, recommends that the Government investigate the highest ranks of the armed forces to determine who was responsible.

More than 1,000 people, including many prisoners, are said to have gone missing during the 18 days of the revolt. Scores later turned up in Egypt's morgues, shot or bearing signs of torture. Others disappeared for good.

Among the incidents was the detention by the armed forces of a large number of civilians at a checkpoint along a highway south of Cairo who have never been seen again; the detention and torture of protester in the Egyptian Museum before moving them to military prisons, killing at least one person; and delivery to government coroners in the capital at least 11 unidentified bodies, believed to be former prisoners, who were buried in indigent graves four months later.

1320 GMT: Egypt. Qatar, reversing a decision from last month, has given a $3 billion grant to Cairo, as teh Egyptian Government tries to secure a $4.8 billion International Monetary Fund loan amid economic crisis.

In March, Qatari officials had ruled out extending any more aid on top of some $5 billion the Gulf state has already given Cairo.

Qatari Prime Minister Sheikh Hamad bin Jassim al-Thani said, after talks with Egyptian counterpart Hisham Kandil that Qatar would provide the extra $3 billion  and would extend gas supplies to Egypt this summer as needed.

Al-Thani told a joint news conference that Qatar did not ask for anything in return for its aid. I

The new financial injection could buy Egypt time as it seeks to avert social unrest over fuel shortages and food price increases. However, Western diplomats said it was no alternative to an IMF deal, which could unlock up to $15 billion in multilateral and bilateral lending and improve confidence for foreign and domestic investors.

Egyptian foreign reserves are down to $13.4 billion, covering less than three months of essential imports.

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