Thursday, February 10, 2011

Egyptian Military Dept Forgiveness

I was sent a copy of a Congressional Research Service's Issue Brief about "Egyptian Military Debt Forgiveness: Costs, Implications, and the role of Congress."  In it said: "At the time the President made his request, Egypt's total debt owed to the US Government was $12 billion.  Of that amount (as of June 30, 1999), slightly more than one-half stemmed from military loans extended by the United States between 1979 and 1984 to help Egypt finance large amounts of weapons purchased under the Foreign Military Sales (FMS) program." (thanks Rita)