Egypt unveils $4.9 billion stimulus package

Egypt's interim government unveiled its second stimulus package on Monday, which will inject LE33.9 billion ($4.87 billion) into the economy, with most of that money coming from aid pledged by the United Arab Emirates.

Previously the finance ministry said Egypt planned to spend around LE30 billion. The first stimulus package, amounting to LE30 billion, was launched in August.

Ahmed Galal, the finance minister, said in a statement on Monday that the new spending would be financed mostly by the United Arab Emirates, one of the Gulf Arab countries that has pledged billions of dollars in support for Egypt.