imra.org.il
US delegation arrives in Cairo Tuesday to discuss aid package
Al-Masry Al-Youm Mon, 27/08/2012 - 22:50
http://www.egyptindependent.com/news/us-delegation-arrives-cairo-tuesday-discuss-aid-package
The US is resuming negotiations with the Egyptian government regarding an
economic aid package to help Egypt overcome the aftermath of the 25 January
revolution.
After a one-year hiatus on the talks, a high-level delegation of economists
and politicians headed by Robert Hormats, under-secretary of state for
economic affairs, is set to arrive in Cairo on Tuesday to meet with
officials of the Egyptian ministries of finance, foreign affairs and
international cooperation.
The proposed package would forgive US$1 billion of the US$3.2 billion debt
that Egypt owes the US, and would inject US$60 million into the local
economy to support small and medium-sized enterprises.
Sources said the Egyptian government will ask the US to drop the debt
altogether, not swap it, and allocate US$1 billion to open credit lines for
Egyptian goods, or to ensure Egyptian bonds issued internationally.
A high-level Egyptian delegation visited Washington in April 2011 to request
that the US fulfill the President Barack Obama’s pledge to support Egypt
after the revolution by dropping their debt burden, but the US negotiating
team insisted on swapping Egypt’s debt, not forgiving it.
US Secretary of State Hillary Clinton on Thursday phoned Egypt's Foreign
Minister Mohamed Kamel Amr to assure the minister that the US does want to
support Egypt’s economic recovery, State Department spokesperson Victoria
Nuland said.
According to a statement made by the US embassy in Cairo on Saturday, the
delegation plans to discuss “steps to rebuild stability and confidence in
Egypt as well as grow its economy, and encourage completion of an agreement
with the International Monetary Fund.”
Edited translation from Al-Masry Al-Youm
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