Monday, May 09, 2011

Report: US to forgive Egypt $1B debt

WASHINGTON – The Obama administration is planning to provide Egypt with $1 billion in debt relief, the Washington Post reported Sunday. The funds will go towards resuscitating the state after the recent uprisings and subsequent deposition of President Hosni Mubarak.

The move is part of a larger aid package of incentives for commerce and investments. Cairo currently owes Washington $3.6 billion in pocured agricultural products but the state is in financial dire straits, and its government asked that the debt be shelved.

But Congress is engaged in a budget battle and Egyptian officials have expressed frustration with the cool response they received, the Post reported. The US has already supplied Egypt with $150 million in emergency aid after the uprisings paralyzed its tourism industry. The aid was justified by a clause citing establishment of democracy and economic development.

The administration has also agreed to provide a billion dollars in loans, guarantees, and insurance for US firms willing to invest in the Middle East and North Africa.

In addition, Senators Joe Lieberman, John Kerry, and John McCain are currently promoting a bill to create an Egyptian aid fund the likes of those given to eastern European countries after the fall of the Berlin wall.

However the Washington Post quotes a Western diplomat as saying that the sums so far transferred to Egypt are miniscule. "We need a big scheme for helping Egypt and Tunisia. If things don’t turn out the right way in the region, the results could be very bad for all of us," he said.

Comment: Through out our history paying off enemies has failed. If there are no recipient qualifiers for receiving monies than the outcome is doomed. The latest example is Pakistan. In order to receive restoration monies the countries accepting our monies must make specific agreements and then be held accountable. At the present time the current "leadership" in Egypt has the following political-social factors in play: the Copts are systematically being murdered, their churches are raided, burned and the Christian population is under daily attack; the Muslim Brotherhood, a terrorist organization, has now indicated it wants to control the next Egyptian government; the Muslim Brotherhood is THE enemy of the West and has spent hundreds of millions of dollars, has in writing the demise of the Western social order and is actively moving its plan. Yet, we desire to assist? Now I am not the only one possessing this information, our leaders know this and more. It becomes worrisome that in spite of this our leaders in the West seem to gleefully march toward these people-why? .

No comments: