A recent sharp decline in international petroleum prices will not affect Saudi financial support to Egypt, senior Saudi cabinet official said Saturday.
Abdul Rahman bin Mohamed al-Sadhan, secretary general of the Saudi cabinet, told London-based Asharq al-Awsat newspaper that the decline in world oil prices will not affect his country’s “commitments towards its sister country, Egypt.”
Saudi Arabia was a major financial and political supporter of Egypt following the ouster of Mohamed Morsy, providing aid worth nearly US$5 billion total during fiscal year 2013/2014.
The kingdom on Thursday announced its 2015 budget with a US$38.6 billion deficit driven by a severe decline in oil prices, however spending will go unchanged.
International oil prices dropped earlier this month to $60 per barrel, a five-year low, due to oversupply and weak demand.
