In July 2016, Egypt will pay back $1.8 billion it owes its creditors from Qatar and Paris Club, governor of Central Bank, Tarek Amer, announced on March 27.

“We will pay back $800 million we owe Paris Club and billion dollars to Qatar in July,” he told a local news channel.

“We will pay bay back on time independently of pressure on our foreign currency reserves,” Amer added.

Egypt’s foreign currency reserves fell from around $36 billion, before popular uprising that swept Hosni Moubarak’s regime in January 2011, to about $16.5 billion in February 2016, as a result of crumbling tourism and lower foreign direct investment.

Qatar, which supported the Muslim Brotherhood which produced former President Mohamed Morsi, granted Central Bank billion dollars of loans and deposits in 2012 and 2013.

Paris Club is an informal group of public lenders whose role is to find sustainable and coordinated solutions for indebted countries having troubles paying their debts.