NO. 8


Financial and Banking News

Budgets & Revenues

US AID Report Details US Debt Forgiveness to Egypt

The US Agency for International Development (AID) annual report on Egypt for1991 provides a clear breakdown of Egypt's debt to the US following thewrite-off of Foreign Military Sales (FMS) debt earlier this year. The totalwritten off was $6,726.51mn, of which $855.34mn was arrears. FMS debt was byfar the largest element of Egypt's exposure to the US, and its...