NO. 35


Financial and Banking News

Budgets & Revenues

Paris Club Agrees to Write Off $10bn for Egypt Following IMF Accord

The Paris Club of industrialized countries agreed on 25 May to write off$10bn of the $20.2bn owed to it by Egypt as a reward for Egypt's contribution tothe allied effort against Iraq and in view of the agreement signed a weekearlier by Egypt and the International Monetary Fund (MEES, 27 May). The 50%reduction in government-to-government debt owed by...