US denies reports on Egypt debt exemption
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This piece was written for Egypt Independent's final weekly print edition, which was banned from going to press. We...
This piece was written for Egypt Independent's final weekly print edition, which was banned from going to press. We...
This piece was written for Egypt Independent’s final weekly print edition, which was banned from going to press...
This piece was written for Egypt Independent’s final weekly print edition, which was banned from going to press....
US denies reports on Egypt debt exemption
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Mon, 09/05/2011 - 14:26
The US Embassy in Cairo has denied any intention to cancel US$1 billion of Egypt’s debts to the US.
A statement by the embassy said that President Barack Obama’s administration is still in the process of evaluating the best means to assist Egypt economically.
A Washington Post report on Sunday said the US administration intended to remove US$1 billion from the debt.
In April, Egyptian Finance Minister Samir Radwan took part in meetings with the International Monetary Fund and the World Bank in the US, where he proposed exchanging Egypt’s debts to the US and Europe with investments in housing and environment projects.
However, no action has been taken toward Radwan's suggestion.
In February, Radwan met with the British trade and investment minister, Lord Stephen Green, and asked for help from the UK in seeking debt relief from Europe.
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Egypt is the leading Arab country. Rich Arab countries have invested billions and billions of dollars in US and European economies. It is time now to invest in Egypt. Going to IMF and World bank for loans means like Pakistan goes every year like a beggar asking for handouts and surrendering its sovereignty to the Money lenders.