Egypt Gets Break on Debt: An agreement...
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Egypt Gets Break on Debt: An agreement by Western nations to incrementally slash the Egyptian foreign debt of more than $20 billion is closely tied to Egypt’s progress in reforming its economy, Western economists said. The Paris Club of Western nations agreed over the weekend to cut what Egypt owes them by 50% over three years, if Cairo presses ahead with reforms drawn up this month with the International Monetary Fund. Cutting Egypt’s debt was in part an acknowledgement by Western allies of Egypt’s role in the Gulf crisis, when it helped line up Arab support against Iraq.
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