US, Egypt sign budget support agreement

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.