U.S. officials have been in Cairo since last week hammering out the details of the debt relief package, which could approach $1 billion, a goal previously announced by the Obama administration. A final announcement is expected this month, according to a U.S. official speaking on the condition of anonymity because the agreement is not finalized.
The Muslim Brotherhood must find it rather amusing that the west is looking to directly fund those who are only looking to advance its own downfall.
Two weeks ago, Mr. Morsi, who took office in June, asked International Monetary Fund chief Christine Lagarde for $4.8 billion in low-interest loans. The request followed the long-awaited first installment of a $2 billion loan from the Gulf state of Qatar last month and a promise of $1 billion in direct aid from Saudi Arabia in May.
U.S. officials have spoken positively about the IMF loan, saying it would shore up confidence among international lenders and investors. "Just as importantly, it will provide a foundation for sustained growth and inclusive economic opportunity," said Robert Hormats, U.S. undersecretary of State for economic growth, in an address in Cairo over the weekend.