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UAE cash could bail-out government from sovereign debt default edge
Gulf countries and rich sovereign wealth funds are upping their game in Africa by bailing out countries facing foreign liquidity squeezes, credit downgrades by Western rating agencies, and crippling cash flow problems.
The other day, a senior National Treasury official informed me that the government had not given up the option of borrowing money from the United Arab Emirates (UAE).
This is how he put it: ‘We will still get the money, but we are not in a hurry since the needed foreign financing requirement for the first half of the financial year has virtually been met’.
