Wednesday, December 12, 2012
Money for Morsi: Funding Egypt's Moslem Brotherhood
Major Lending Effort to Boost Egypt Faces Delays -Howard Schneider
The U.S. and a coalition of international lenders are pushing ahead with billions of dollars in loans for Egypt, despite the violent political turmoil, hoping to head off a destabilizing economic collapse.
The International Monetary Fund had hoped to move forward this month on a $4.8 billion loan for Egypt, but over the weekend, President Morsi reneged on imposing tax increases that the IMF had expected as a way to help bring down the country's budget deficit. On Tuesday, the IMF said that the Egyptian government asked to delay further work on the loan.