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,...