Registration / Login
text version
War and Peace

 Hot news

Main page » News » View
Printable version
Kerry presses Egypt on economic reform, says aid depends on it
26.05.13 09:25 Africa

Secretary of State John Kerry urged Egypt to act swiftly on economic reforms to secure a $4.8 billion International Monetary Fund loan, saying the measures were needed to get further aid from the U.S. Congress, an American official said.

Kerry met Egyptian President Mohamed Mursi for about an hour on the sidelines of an African Union summit on Saturday, discussing Syrias civil war, the Israeli-Palestinian conflict, human rights in Egypt and the countrys faltering economy, the official said.

Egypts Islamist-led government has been resistant to introducing the austerity measures needed to win the IMF funding, including raising taxes and cutting fuel subsidies, fearing such painful reforms could provoke social unrest.

However, an IMF deal could help shore up investor and donor concerns after two years of political instability since the overthrow of former president Hosni Mubarak in early 2011. The instability has depressed tourism, a crucial industry for Egypt.

The U.S. official, who spoke on condition of anonymity, said Kerry had made the argument that the reforms were necessary to persuade American lawmakers to proceed with further economic support for the country, which borders U.S. ally Israel.

"He urged action on making reforms happen now to move towards requirements to get the IMF package," the official said.

During his first visit to Cairo as secretary of state, on March 3, Kerry told Mursi the United States would provide the first $190 million of $450 million in pledged budget support because of Mursis commitment to see the IMF process through.

The remainder, however, would depend on the economic reforms, a point Kerry made again in the Ethiopian capital.

"He said ... we need to be able to show Congress that you have taken the necessary reforms," said the official. "I have been a strong advocate of support for Egypt. I continue to support aid for Egypt, but ... we need to see reforms in place that will encourage my former colleagues back at home to act."

Kerry served in the U.S. Senate for nearly 30 years before becoming the countrys top diplomat on February 1.

Egypt has in recent years received about $1.3 billion in military aid from Washington, support that dates back to its signing of a peace treaty with Israel more than 30 years ago. That assistance, however, is not seen as contingent on Egyptian economic reform.

 

Ðóññêèé
Archive
Forum

 Exclusiveread more rss

» Destruction of Ukraine’s Central Bank
» The World files their 27 Grievances against the United States of America.
» Yom Kippur War Redux – Petrol D0llar’s Last Hurrah
» How the Alchemists saved the Planet in 2019
» What will the US Treaty of Paris look like?
» Addition by Subtraction, (x, y)↦x−y
» Too Little, Too Late, will there be a Romanov ending for the Sudairi Seven?
» Week 21: When economic arguments end, the arms race begins

 Newsread more rss

» Afghan Taliban leader accuses U.S. of creating doubts over pact
» Kyrgyz President Accuses Atambayev of Violating Constitution by Resisting Detention
» Chinese foreign ministry slams U.S. interference in Venezuela
» With an eye on Russia, China and a horse, Pentagon chief visits Mongolia
» Pentagon Claims Iran Uses GPS Jamming in the Gulf So It Can Lure and Seize Foreign Ships
» USAF X-37B Military Space Planes Mystery Mission Circling Earth Hits 700 Days
» China destabilizing Indo-Pacific: U.S. Defense Secretary
» EU must change its negotiating terms for Brexit, says Barclay

 Reportsread more rss

» A Brief History of the CIA’s Dirty War in South Sudan
» US GDP report: Keynes on steroids
» Are Russia and the US Finally on the Same Page in Afghanistan?
» The IMF Takeover of Pakistan
» Voices from Syria’s Rukban Refugee Camp Belie Corporate Media Reporting
» Report Shows Corporations and Bolsonaro Teaming Up to Destroy the Amazon
» Ukraine: the presidents change, but the oligarchical system remains the same
» The Cowardice of Aung San Suu Kyi

 Commentariesread more rss

» The Biggest Threat to the US Indo-Pacific Strategy? Washington Itself.
» Ukraine on the cusp of change
» India’s Looming Agricultural Crisis: A Unique Chance to Change the System?
» The Saker interviews Stephen Karganovic
» Media and Politicians Ignore Oncoming Financial Crisis
» In an astonishing turn, George Soros and Charles Koch team up to end US ‘forever war’ policy
» Vladimir Putin says liberalism has ‘become obsolete’
» You Are Fighting In The Most Important Battle Of All Time

 Analysisread more rss

» A battle for supremacy between China and the US
» UAE Withdrawal from Yemen
» US, Pakistan move in tandem to end Afghan war
» Is Baoshang Bank China’s Lehman Brothers?
» From the Green Revolution to GMOs: Toxic Agriculture Is the Problem Not the Solution
» OPEC+ oil supply cuts signal smooth Gulf sailing
» G20 Osaka: the end of American leadership?
» Trump’s Brilliant Strategy to Dismember U.S. Dollar Hegemony
 
text version The site was founded by Natalia Laval in 2006 © 2006-2024 Inca Group "War and Peace"