Creditors Cut Egypt’s Debt
Egypt, cashing in on its Gulf War role as a major ally of the West, won a crucial accord from creditor governments Saturday to slash its total $35-billion foreign debt by nearly a third.
The deal follows an agreement with the International Monetary Fund last week on standby credits to help Cairo carry out tough economic reforms.
A spokeswoman at the Egyptian Embassy in Paris said 17 members of the Paris Club of Western creditor nations had agreed to forgive about $10 billion--about half of Egypt’s debts owed the Paris Club.
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