ECONOMY

U.S. Plans $1B Cut to Egypt’s Debt

Simon Maina, AFP / Getty Images

The United States will trim $1 billion from Egypt’s debt to help stimulate democracy in the country, officials in the Obama administration said. The debt agreement comes as the U.S. jostles with other nations, including China, to gain a hand in Egypt’s future, even as political turmoil within the country continues to cause uncertainty. America promised aid for Egypt’s economy nearly a year and a half ago, and the country is seen as an important bulwark against instability in the region, particularly in countries like Syria. Egyptian President Mohamed Morsi has denounced Bashar al-Assad’s violent putdown of a 17-month popular uprising.