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U.S. Grants Egypt $250 Million in Aid
March 3, 2013

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Egypt has won a pledge from the United States Government for $250 million in aid, as President Mohamed Morsi's country continues to struggle economically.

U.S. Secretary of State John Kerry made the announcement, which also cited a separate $60 million fund to encourage entrepreneurial efforts in the troubled Middle Eastern country. Egypt continues to struggle in the wake of the ouster of former President Hosni Mubarak and the political and economic unrest that have followed. Tourist revenues continue to lag those recorded in previous years. Morsi has yet to secure a $4.8 billion loan from the International Monetary Fund, which has insisted on more evidence of economic growth and political stability. According to Kerry, more money will come from the U.S. once the IMF loan is in place.

Kerry and Morsi met for direct talks, and discussions included the political instability that has defined the country since Mubarak's ouster. The political polarization was evident when opposition leaders invited to a state dinner with Kerry and other U.S. diplomats refused the invitation.

Elections to fill seats in the lower house of Parliament are scheduled for April. The Muslim Brotherhood and the far-right Salafis already control the upper house. A vow by opposition leaders to boycott the April elections could ensure that Islamists control the lower house as well. Morsi himself was a longtime member of the Brotherhood. He resigned from the party after he was elected President.

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