VOL. XXXVI

NO. 32

10-MAY-1993

Financial and Banking News

BUDGETS AND REVENUES

Egypt's Foreign Debt Shrinks By $15.3bn

President Mubarak of Egypt has disclosed that his country's foreign debt hasbeen reduced by a total of $15.3bn since the outbreak of the Gulf crisis inmid-1990. In a speech to mark Labor Day on 1 May, President Mubarak gave thefollowing breakdown of the debt write-offs:

- $7.1bn of military debt written off by the US.

- $6.2bn written off by the Governments of Saudi Arabia, Kuwait,...