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SAUDI ARABIA SAYS IT DEPOSITED $5B IN EGYPT’S CENTRAL BANK

FILE - People crowd a street in Cairo, Egypt on April 14, 2020. The Egyptian
pound slipped further against the dollar on Wednesday, March 23, 2022, after
Egypt’s Central Bank raised its main interest rate and devalued the local
currency by 14%. The moves by the Central Bank of Egypt were meant to combat
inflationary waves triggered by the coronavirus pandemic and Russia’s war in
Ukraine, which hiked oil prices to record highs. (AP Photo/Nariman El-Mofty,
File)

Read More
By  Samy Magdy
Published [hour]:[minute] [AMPM] [timezone], [monthFull] [day], [year] Published
4:47 PM CET, March 30, 2022
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CAIRO (AP) — Saudi Arabia on Wednesday announced a $5 billion aid package to
cash-strapped Egypt, where the economy is under mounting pressure, in part
because of the economic fallout from Russia’s war on Ukraine.

The state-run Saudi Press Agency said the funds, deposited in Egypt’s Central
Bank, are part of Saudi Arabia’s “tireless efforts” to support Egypt, the Arab
World’s most populous country. The money will be added to Egypt’s foreign
reserves, which stood at around $41 billion by the end of February, and help
with critical imports and propping up the sliding national currency.

The new package came less than two weeks after the Central Bank of Egypt raised
its key interest rate and allowed the Egyptian pound to plunge to over 18.30 to
the dollar — from an average of 15.6 pounds for $1.

The moves have taken a heavy toll on poor and middle-class Egyptians who have
faced price hikes since the government embarked on an ambitious reform program
in 2016 to overhaul the country’s battered economy. The reforms were agreed on
with the International Monetary Fund for a $12 billion bailout.



Economists have said the measure were likely signs that the government is
working to secure another financing package from the IMF. The global lender has
said that Egypt asked for its help to “implement their comprehensive economic
program” but did not say whether the talks involve a new loan.

Allies Saudi Arabia and the United Arab Emirates have injected billions of
dollars into Egypt over past years, helping shore up its economy battered by
years of turmoil.



Egypt’s economy is under fresh pressure amid an inflationary wave triggered by
the coronavirus pandemic and Russia’s war in Ukraine, which has hiked oil prices
to record highs.

The war has also impacted the vital tourism sector, as most foreign visitors to
Egypt’s Red Sea resorts have come from Russia and Ukraine. Egypt is also the
world’s largest importer of wheat, most of it coming from Russia and Ukraine.



On Tuesday, the Egyptian government said energy-rich Qatar would invest $5
billion in Egypt, the latest sign of increasing improvement in ties between the
two nations since Egypt and three Gulf nations ended a diplomatic dispute with
Qatar last year.


    
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See Purposes and Manage Privacy Choices



ABOUT YOUR PRIVACY

We process your data to deliver content or advertisements and measure the
delivery of such content or advertisements to extract insights about our
website. We share this information with our partners on the basis of consent.
You may exercise your right to consent, based on a specific purpose below or at
a partner level in the link under each purpose. Some vendors may process your
data based on their legitimate interests, which does not require your consent.
You cannot object to tracking technologies placed to ensure security, prevent
fraud, fix errors, or deliver and present advertising and content, and precise
geolocation data and active scanning of device characteristics for
identification may be used to support this purpose. This exception does not
apply to targeted advertising. These choices will be signaled to our vendors
participating in the Transparency and Consent Framework.
Cookie Policy (Privacy Policy Section 5)
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MANAGE PRIVACY CHOICES

STRICTLY NECESSARY TRACKING TECHNOLOGIES 380 PARTNERS CAN USE THIS PURPOSE

Always Active

These tracking technologies (such as cookies) are needed for our web site to
function and are always active.

 * ENSURE SECURITY, PREVENT AND DETECT FRAUD, AND FIX ERRORS 267 PARTNERS CAN
   USE THIS SPECIAL PURPOSE
   
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   Your data can be used to monitor for and prevent unusual and possibly
   fraudulent activity (for example, regarding advertising, ad clicks by bots),
   and ensure systems and processes work properly and securely. It can also be
   used to correct any problems you, the publisher or the advertiser may
   encounter in the delivery of content and ads and in your interaction with
   them.
   
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 * DELIVER AND PRESENT ADVERTISING AND CONTENT 269 PARTNERS CAN USE THIS SPECIAL
   PURPOSE
   
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   Certain information (like an IP address or device capabilities) is used to
   ensure the technical compatibility of the content or advertising, and to
   facilitate the transmission of the content or ad to your device.
   
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 * SAVE AND COMMUNICATE PRIVACY CHOICES 165 PARTNERS CAN USE THIS SPECIAL
   PURPOSE
   
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   The choices you make regarding the purposes and entities listed in this
   notice are saved and made available to those entities in the form of digital
   signals (such as a string of characters). This is necessary in order to
   enable both this service and those entities to respect such choices.
   
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 * MATCH AND COMBINE DATA FROM OTHER DATA SOURCES 197 PARTNERS CAN USE THIS
   FEATURE
   
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   Information about your activity on this service may be matched and combined
   with other information relating to you and originating from various sources
   (for instance your activity on a separate online service, your use of a
   loyalty card in-store, or your answers to a survey), in support of the
   purposes explained in this notice.

 * LINK DIFFERENT DEVICES 178 PARTNERS CAN USE THIS FEATURE
   
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   In support of the purposes explained in this notice, your device might be
   considered as likely linked to other devices that belong to you or your
   household (for instance because you are logged in to the same service on both
   your phone and your computer, or because you may use the same Internet
   connection on both devices).

 * IDENTIFY DEVICES BASED ON INFORMATION TRANSMITTED AUTOMATICALLY 249 PARTNERS
   CAN USE THIS FEATURE
   
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   Your device might be distinguished from other devices based on information it
   automatically sends when accessing the Internet (for instance, the IP address
   of your Internet connection or the type of browser you are using) in support
   of the purposes exposed in this notice.

List of IAB Vendors‎
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PERFORMANCE TRACKING TECHNOLOGIES

Performance Tracking Technologies

These tracking technologies (such as cookies) allow us to measure the overall
performance of our site through analytics, such as visit counting and traffic
sourcing. For example, these technologies help us learn which areas of our site
are the most and least popular so we can provide users with better experiences.
If you choose not to allow these technologies, we will not know where you
visited on our site, and your visit will not be reflected in our performance
monitoring.

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FUNCTIONAL TRACKING TECHNOLOGIES

Functional Tracking Technologies

These tracking technologies (such as cookies) enable our site to provide
enhanced functionality and personalization. These technologies may be set by us
or our third-party service providers whose services we have added to our site.
If you choose not to allow these technologies, some services on our site may not
function properly and may impact your user experience.

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TARGETING TRACKING TECHNOLOGIES

Targeting Tracking Technologies

These tracking technologies (such as cookies) may be set by us or third parties
with whom we have business relationships, such as advertising partners, who may
use information they obtain to show you relevant ads on this and other sites. If
you choose not to allow these technologies, you will experience less targeted
advertising, but you will continue to see ads that may be less relevant or based
only on information that we collect directly from your use of our site.

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STORE AND/OR ACCESS INFORMATION ON A DEVICE 331 PARTNERS CAN USE THIS PURPOSE

Store and/or access information on a device

Cookies, device or similar online identifiers (e.g. login-based identifiers,
randomly assigned identifiers, network based identifiers) together with other
information (e.g. browser type and information, language, screen size, supported
technologies etc.) can be stored or read on your device to recognise it each
time it connects to an app or to a website, for one or several of the purposes
presented here.

List of IAB Vendors‎ | View Illustrations 

PERSONALISED ADVERTISING AND CONTENT, ADVERTISING AND CONTENT MEASUREMENT,
AUDIENCE RESEARCH AND SERVICES DEVELOPMENT 397 PARTNERS CAN USE THIS PURPOSE

Personalised advertising and content, advertising and content measurement,
audience research and services development

 * CREATE PROFILES FOR PERSONALISED ADVERTISING 246 PARTNERS CAN USE THIS
   PURPOSE
   
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   Information about your activity on this service (such as forms you submit,
   content you look at) can be stored and combined with other information about
   you (for example, information from your previous activity on this service and
   other websites or apps) or similar users. This is then used to build or
   improve a profile about you (that might include possible interests and
   personal aspects). Your profile can be used (also later) to present
   advertising that appears more relevant based on your possible interests by
   this and other entities.
   
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 * USE LIMITED DATA TO SELECT ADVERTISING 304 PARTNERS CAN USE THIS PURPOSE
   
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   Advertising presented to you on this service can be based on limited data,
   such as the website or app you are using, your non-precise location, your
   device type or which content you are (or have been) interacting with (for
   example, to limit the number of times an ad is presented to you).
   
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 * USE PROFILES TO SELECT PERSONALISED ADVERTISING 241 PARTNERS CAN USE THIS
   PURPOSE
   
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   Advertising presented to you on this service can be based on your advertising
   profiles, which can reflect your activity on this service or other websites
   or apps (like the forms you submit, content you look at), possible interests
   and personal aspects.
   
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 * CREATE PROFILES TO PERSONALISE CONTENT 102 PARTNERS CAN USE THIS PURPOSE
   
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   Information about your activity on this service (for instance, forms you
   submit, non-advertising content you look at) can be stored and combined with
   other information about you (such as your previous activity on this service
   or other websites or apps) or similar users. This is then used to build or
   improve a profile about you (which might for example include possible
   interests and personal aspects). Your profile can be used (also later) to
   present content that appears more relevant based on your possible interests,
   such as by adapting the order in which content is shown to you, so that it is
   even easier for you to find content that matches your interests.
   
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 * USE PROFILES TO SELECT PERSONALISED CONTENT 90 PARTNERS CAN USE THIS PURPOSE
   
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   Content presented to you on this service can be based on your content
   personalisation profiles, which can reflect your activity on this or other
   services (for instance, the forms you submit, content you look at), possible
   interests and personal aspects. This can for example be used to adapt the
   order in which content is shown to you, so that it is even easier for you to
   find (non-advertising) content that matches your interests.
   
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 * MEASURE ADVERTISING PERFORMANCE 361 PARTNERS CAN USE THIS PURPOSE
   
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   Information regarding which advertising is presented to you and how you
   interact with it can be used to determine how well an advert has worked for
   you or other users and whether the goals of the advertising were reached. For
   instance, whether you saw an ad, whether you clicked on it, whether it led
   you to buy a product or visit a website, etc. This is very helpful to
   understand the relevance of advertising campaigns.
   
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 * MEASURE CONTENT PERFORMANCE 169 PARTNERS CAN USE THIS PURPOSE
   
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   Information regarding which content is presented to you and how you interact
   with it can be used to determine whether the (non-advertising) content e.g.
   reached its intended audience and matched your interests. For instance,
   whether you read an article, watch a video, listen to a podcast or look at a
   product description, how long you spent on this service and the web pages you
   visit etc. This is very helpful to understand the relevance of
   (non-advertising) content that is shown to you.
   
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 * UNDERSTAND AUDIENCES THROUGH STATISTICS OR COMBINATIONS OF DATA FROM
   DIFFERENT SOURCES 225 PARTNERS CAN USE THIS PURPOSE
   
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   Reports can be generated based on the combination of data sets (like user
   profiles, statistics, market research, analytics data) regarding your
   interactions and those of other users with advertising or (non-advertising)
   content to identify common characteristics (for instance, to determine which
   target audiences are more receptive to an ad campaign or to certain
   contents).
   
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 * DEVELOP AND IMPROVE SERVICES 286 PARTNERS CAN USE THIS PURPOSE
   
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   Information about your activity on this service, such as your interaction
   with ads or content, can be very helpful to improve products and services and
   to build new products and services based on user interactions, the type of
   audience, etc. This specific purpose does not include the development or
   improvement of user profiles and identifiers.
   
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 * USE LIMITED DATA TO SELECT CONTENT 71 PARTNERS CAN USE THIS PURPOSE
   
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   Content presented to you on this service can be based on limited data, such
   as the website or app you are using, your non-precise location, your device
   type, or which content you are (or have been) interacting with (for example,
   to limit the number of times a video or an article is presented to you).
   
   View Illustrations 

List of IAB Vendors‎

USE PRECISE GEOLOCATION DATA 124 PARTNERS CAN USE THIS SPECIAL FEATURE

Use precise geolocation data

With your acceptance, your precise location (within a radius of less than 500
metres) may be used in support of the purposes explained in this notice.

List of IAB Vendors‎

ACTIVELY SCAN DEVICE CHARACTERISTICS FOR IDENTIFICATION 63 PARTNERS CAN USE THIS
SPECIAL FEATURE

Actively scan device characteristics for identification

With your acceptance, certain characteristics specific to your device might be
requested and used to distinguish it from other devices (such as the installed
fonts or plugins, the resolution of your screen) in support of the purposes
explained in this notice.

List of IAB Vendors‎
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