World Bulletin / News Desk
The Obama administration hopes to go to Congress soon with a plan for using $1 billion in debt relief to help Egypt stabilize its economy and expand its private sector, a senior U.S. State Department official said on Friday.
"My hope would be is that we would go to the Congress very shortly with a framework of how we recommend that this money be allocated," U.S. Deputy Secretary of State Thomas Nides told reporters during a conference call to discuss goals for a U.S. business delegation headed to Egypt this weekend.
President Barack Obama promised in May 2011 a $1 billion debt relief package for Egypt. Following Egypt's first free elections, which brought new president Mohamed Mursi to power in June, the United States has started detailed discussions with Egyptian officials on how the money would be used.
"We're still in those discussions. I think we're getting close to finalizing it. Obviously the Congress has to approve what we're doing and we're consulting with both Republicans and Democrats and there's really, quite frankly, bipartisan support for this," Nides said.
The United States is also working very closely with international partners, including the International Monetary Fund, on a broader economic stabilization package, he said.
A controversy surfaced recently after the Public Account Committee (PAC) released a report accusing senior government officials of having fraudulently authorized payment of at least $122 million of public funds to a private company
Venezuelan Foreign Minister Rafael Ramirez left the meeting visibly angry and declined to comment on the outcome.
A number of potential deals under discussion in recent months could benefit from concessional financing from Tokyo.
The WTO has lurched from one disappointment to another over the past decade as it tries to find a balanced trade deal that all its members, now numbering 160, could support.
Saudi Oil Minister Ali al-Naimi said he expected the oil market "to stabilise itself eventually" but did not comment on talks with Russia held on Tuesday
Ergun Olgun, the Turkish Cypriot negotiator, said their own exploration would continue and even accelerate if Greek Cypriots pressed ahead with their plans to allow multinationals to exploit the area.
The decision to devalue the naira, according to analysts and central bank figures, appears aimed at saving the country's dwindling foreign reserves
Oil market watchers are divided on the outcome of OPEC's meeting in the Austrian capital. Predictions range from a large production cut to revive prices, to a small reduction, or none at all
The proliferation of smugglers' routes into Bolivia shows how difficult it is to eradicate illegal mining without better coordination across frontiers.
Falling crude prices are fueled by slowing global growth and increased supply.
Ukraine's leading banks said most of their loans to Crimean individuals and businesses were now delinquent.
Deputy Energy Minister Jaime Himende said that "Mozambique has great hydroelectricity potential, and recently they have taken some bold steps to use renewable resources efficiently"
Obama, who hosted Modi in Washington in September, will in January become the first U.S. president to visit India twice, completing a remarkable warming in the relationship
The combined damage inflicted on Russia's economy by Western sanctions and falling oil prices totals about $140 billion.
PM Mahlab said that Egypt eyes sustainable growth to improve the living conditions of Egyptians, noting that the Egyptian economy is currently recovering.
The French economist calls for redistribution of global wealth, which he says is too concentrated in the hands of the few.