- Post 05 September 2012
- By Copy Editor
The Obama administration is close to a deal with Egypt's new government for $1 billion in debt relief, according to a senior US official, as Washington seeks to help Cairo shore up its ailing economy in the aftermath of its pro-democracy uprising.
US diplomats and negotiators for Egypt's new Islamist president Mohamed Mursi - who took office in June after the country's first free elections - were working to finalize an agreement, the official said.
Progress on the aid package, which had languished during Egypt's 18 months of political turmoil, appears to reflect a cautious easing of U.S. suspicions about Mursi and a desire to show economic goodwill to help keep the longstanding U.S.-Egyptian partnership from deteriorating further.