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WASHINGTON - The Obama administration is close to a deal with Egypt's new government for $1 billion in debt relief, a senior US official said on Monday, as Washington seeks to help Cairo shore up its ailing economy in the aftermath of its pro-democracy uprising.

US diplomats and negotiators for Egypt's new Islamist president Mohamed Morsy - who took office in June after the country's first free elections - were working to finalize an agreement, the official said.

Progress on the aid package, which had languished during Egypt's 18 months of political turmoil, appears to reflect a cautious easing of US suspicions about Morsy and a desire to show economic goodwill to help keep the longstanding US-Egyptian partnership from deteriorating further.

The United States was a close ally of Egypt under ousted autocratic President Hosni Mubarak and gives $1.3 billion in military aid a year to Egypt plus other assistance.

Obama ultimately called for Mubarak to step down as he faced mass protests in early 2011 but the US president was criticized for taking too long to assert US influence.

Washington, long wary of Islamists, shifted policy last year to open formal contacts with the Muslim Brotherhood, the group behind Morsy's win. Morsy formally resigned from the group after his victory.

Analysts say that one way the United States could influence the direction of policy in Egypt, a nation at the heart of Washington's regional policy since a peace treaty was signed with Israel in 1979, would be through economic support as Cairo tries to stave off a balance of payments and budget crisis.

Obama first pledged economic help for Cairo last year. Obstacles remained to completing the debt relief deal - which is reported to involve a mix of debt payment waivers and complicated "debt swaps" - and it was not immediately clear when an agreement might be announced.

But even as the negotiations proceeded in Cairo, Washington has also signaled its backing for a $4.8 billion loan that Egypt is seeking from the International Monetary Fund and which it hopes to secure by the end of the year to bolster its stricken economy. IMF chief Christine Lagarde visited Cairo last month to discuss the matter.

Egypt's military-appointed interim government had been negotiating a $3.2 billion package before it handed power to Morsy on June 30. Morsy's government then increased the request.

Lagarde said the IMF would look at fiscal, monetary and structural issues, promising that the IMF would be a partner in "an Egyptian journey" of economic reform.

Yet another reason why you don't put people in power like Barack Hussein Obama.

I dunno...who knows what they're gonna do when they're done laughing at the US!



Just think...for the money this nation has spent on conventions to elect somebody we could've built institutions and housed the homeless. With the money we waste giving to nations like Egypt and Israel we could've given EVERY US CITIZEN a free college education. The things we could've done different if we weren't being lead by buffoons and criminals!

Now that the plates are all spinning and the one guy is getting tired of running around...it's all going to come down.

but seriously, you wouldn't really support a candidate who wants to give every citizen a free education or wanted to house the homeless...would you?

I want my tax $$ back.

NO MORE TAXPAYER $$ TO WELFARE COUNTRIES!!

Chump change these days. As long as the expense is a foregone conclusion, then I hope it buys us whatever regional stability/influence we need.

riiight,,,,

yes

All the regional stability and influence you can choke on!



Cairo protesters scale U.S. Embassy wall, remove flag

Demonstrators destroy an American flag pulled down from the U.S. Embassy in Cairo today in protest of a film deemed offensive to Islam.

Egyptian demonstrators climbed the walls of the U.S. Embassy in Cairo today and pulled down the American flag to protest a film they say is insulting to the prophet Mohammad.

Update at 2:07 p.m. ET: CNN reports that U.S. security guards fired a volley of warning shots as the crowd gathered outside the embassy walls.

CNN adds that the embassy had been expecting a demonstration and cleared all diplomatic personnel earlier from the facility.

Original post: The Associated Press reports that embassy officials say there was no staff inside at the time.

This protest flag, purportedly posted in the courtyard of the U.S. Embassy by demonstrators in Cairo, was posted on Twitter by the photographer, Tom Dale,(@tom_d_).CAPTIONBy Tom Dale
Reuters reports that protesters tried to raise a black flag carrying the slogan: "There is no god but Allah and Mohammad is his messenger."

The news agency says about 2,000 protesters have gathered outside the embassy and about 20 have scaled the walls.

The AP says the protesters were largely ultra-conservative Islamists.

Iran's FARS news agency says the film is the work of a group of "extremist" members of the Egyptian Coptic Church in the United States.

Al Ahram online says the film is reportedly being produced by U.S.-based Coptic-Christian Egyptians, including Esmat Zaklama and Morees Sadek, with the support of the Terry Jones Church in the United States.

Jones is the evangelical pastor who stirred controversy last year by threatening to burn a Quran in public.

CNN says the film in question is a Dutch production.

The AP says clips of the film available on YouTube show the prophet having sex and question his role as the messenger of Godâ??s words.

After the protest, the U.S. Embassy issued this statement on its website:

The Embassy of the United States in Cairo condemns the continuing efforts by misguided individuals to hurt the religious feelings of Muslims â?? as we condemn efforts to offend believers of all religions. Today, the 11th anniversary of the September 11, 2001 terrorist attacks on the United States, Americans are honoring our patriots and those who serve our nation as the fitting response to the enemies of democracy. Respect for religious beliefs is a cornerstone of American democracy. We firmly reject the actions by those who abuse the universal right of free speech to hurt the religious beliefs of other

The Grand Mufti of Egypt Sheikh Ali Gomaa strongly condemned the movie, AllAfrica.com reports.

"Freedom of speech does not warrant desecrating sanctities," Gomaa said in a statement Sunday.




You don't lie down with the dogs...you'll wake up with fleas! On the anniversary of 9-11 too...=d> , yeah...they really need our money!

You kids and grandkids are good for it.

Why?

amazing that we would even consider supporting a radical islamist government especially after they storm and burn our embassy.