Saudis Forgive Egypt Debt; May Be $4 Billion
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Reuters
NICOSIA, Cyprus — Saudi Arabia is canceling Egypt’s debts to the kingdom, the Saudi Press Agency reported.
The agency quoted an official source as saying Friday night that King Fahd has ordered his government to forgive the debts.
It did not say how much money was involved, but Cairo-based diplomats said Egypt owed Saudi Arabia about $4 billion. It has a total foreign debt of about $40 billion.
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