Arab Today, arab today us egypt sign budget support agreement
Last Updated : GMT 18:20:30
Arab Today, arab today
Arab Today, arab today

US, Egypt sign budget support agreement

Arab Today, arab today

Arab Today, arab today US, Egypt sign budget support agreement

Cairo - MENA

The US and Egypt announced the signing of a $190 million budget support agreement that will assist in Egypt\'s fiscal recovery and economic stabilization. This is the first installment of a planned $450 million grant that will be used for balance of payment support to the Government of Egypt. \"We look at this 190 million dollars as a down payment on Egypt\'s promising future,\" said US Ambassador Anne W. Patterson at the signing ceremony. \"And as your country continues to make progress with the IMF on a solid program to stabilize and grow your economy, we will continue to be there, as friends, to support your efforts with additional assistance.\" The Obama administration announced a $1 billion aid package in May 2011 to support Egypt\'s economic recovery and transition to democracy. Last week, the US Congress approved the release of $190 million of that aid package in support of Egypt\'s homegrown steps toward economic recovery.

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