Economist Badr Al-Din Welcomes US Moves for $1 Billion Egypt Debt Relief
Economist Badr Al-Din Welcomes US Moves for $1 Billion Egypt Debt Relief
Wednesday, September 5,2012 07:02

Ashraf Badr Al-Din, Deputy of the Plan and Budget Committee of the People's Assembly (now-dissolved lower house of parliament) affirmed that the US’s moves for a $1 billion Egyptian debt relief deal is a promising sign and an attempt by Washington to make amends with the Egyptian people, after siding with Mubarak’s repressive regime for so long.

"Writing off Egyptian debt was the basic requirement demanded by Freedom and Justice MPs in Parliament and in all their meetings with U.S. officials and delegations.

"The least the U.S. administration should be doing is to drop Egyptian debt – money with which it supported the corrupt oppressive former regime at the expense of the Egyptian people and their freedoms."

Badr Al-Din assured that this debt relief deal would contribute in reducing Egypt’s budget deficit and outstanding debt and its burden on the Egyptian economy.

In a statement to Reuters on Monday, a senior U.S. official announced that the government of President Barack Obama is close to a $1 billion debt relief deal with the new Egyptian government in Cairo.

This comes as Washington seeks to help Egypt bolster its economy, in the wake of the revolution that toppled the Mubarak regime.

The official said, "U.S. diplomats and negotiators for the new Egyptian President Mohamed Morsi are working to finalize the deal."