NO. 5


Financial and Banking News

Gulf Crisis

US Congress Agrees Details of Egyptian Debt Write Off

Negotiators from the US House of Representatives and the Senate have reachedagreement on provisions to forgive Egypt's Foreign Military Sales (FMS) debt,which is estimated at $6.7bn, including arrears of $800mn. The provisions formpart of next year's Foreign Aid Bill and had to be referred to a jointHouse/Senate committee after the two bodies disagreed on whether to proceed...