Posted on 05/19/2011 5:46:47 AM PDT by IbJensen
WASHINGTON—President Barack Obama will announce this week a new aid plan for the Middle East and North Africa that U.S. officials say will be far bolder than previous American economic assistance to the region.
Mr. Obama will outline the plan, which could include debt cancellation and a reprogramming of financial aid the U.S. already provides to countries like Egypt, in a speech he is scheduled to deliver Thursday at the State Department.
Whatever aid he announces, though, is unlikely to assuage Arab governments, which had been hoping the White House would push forcibly for a resumption of Palestinian-Israeli peace talks. The president’s aides say his speech will focus only briefly on the issue.
“At the end of the day, the Palestinian cause remains a dominant issue,” said a senior Arab official. “A speech by the president without addressing the conflict is unlikely to generate much enthusiasm.”
Mr. Obama met Tuesday with King Abdullah II of Jordan, who has been pressing U.S. officials to take a more aggressive role in the peace process, according to Arab diplomats.
After the meeting, Mr. Obama said the U.S. will provide Jordan with hundreds of millions of dollars through the Overseas Private Investment Corporation, the government institution that finances and insures private business to promote economic growth. The result, according to the U.S., will be roughly $1 billion for economic activity in Jordan. The president also pledged 50,000 metric tons of wheat.
“All of this will help to stabilize the cost of living and day-to-day situation of Jordanians and will provide a foundation so that these economic reforms can move forward and long-term development can take place,” Mr. Obama said.
The president’s goal, officials said, is to give a financial boost to the political change sweeping the Mideast and North Africa, where dashed economic aspirations have fed unrest.
Senior U.S. officials are particularly alarmed by the deterioration in Cairo’s finances since the street revolt that ousted President Hosni Mubarak in February. The Egyptian government has been forced to spend between $3 billion and $3.5 billion of its foreign-exchange reserves a month to pay for food and other commodities as tourism has plunged and overseas remittances have dried up.
Egypt’s government has been seeking relief on around $1 billion in debts tied to wheat purchases in the 1970s, according to officials involved in the talks. Cairo has paid off the principal on these loans, but continues to service interest payments.
The administration is looking at a mixture of direct aid, debt relief, and export credits to help stabilize Egypt’s finances. “There are a whole range of tools we could use,” said a U.S. official. “We’ve been looking for the right mix.”
Wouldn’t he have to get this “past” the House? There’s where the pressure should be placed.
Great now were going to feed and pay our enemies. I can’t wait until we get rid of this traitor.
Say... wheat for oil?
What the f&^% is wrong with using your head in these matters?
When I first read this, I actually thought it was from the Onion...
You can’t make this stuff up!
Oh yeah, obama’s imbeciles like Ayers Sunstein et al, broke Egypt, now they think they can “fix” it by offering the right mix of carrots (the sticks are for Israel)
the arabs dont want our food or even our money, they want to exterminate Israel and kill Jews first...Christians and other indfidels come later... and they want us to let them do it or better yet, help them do it and convert to islam in the process. Then they will “love” us
As pointed out by a former CIA agent, we have lost our Terrorist information from Egypt, Libya and others who now don't trust the US including Saudi Arabia, Kuwait.
We are going to have a major terrorist attack because of these actions.
“... as tourism has plunged “
Well what did they expect after killing Christians? Now you know why nobody wants to go there anymore.
Didn’t nobama, the WTF president say some time ago “There is no more money”? This America-hating buffoon needs to go.
Didn’t nobama, the WTF president, say some time ago “There is no more money”? This America-hating buffoon needs to go.
Not going to be good for the Arab farmers. They can’t compete with free wheat provided by the Americans. Of course we’re not surprised by this since our President is a socialist.
Besides the fact that we’re broke, let the oil rich middle east take care of its own. We should instead offer them the new “bushel for a barrel” deal on grains.
He spent all our money and then he flooded our wheat fields, what a tool!
I can’t wait for 11-2012!
I just wish the GOP stable had better thoroughbreds.
That decision is made 18 months before the 2012 elections? What a coincidence!
Just give the Palis Sinai and let the EU build it for them with Chinese money. In exchange the Palis will disarm and 25% of their land has to be used for agriculture.
Build a couple of desalinization facilities in the gulf, and go all green.
Then when all the Palis leave gaza, level the place and salt the earth.
Ain’t that the truth! Republicans are running around like cats in a t-storm! What a sham. Fed up with being spoon fed candidates “approved” by the RNC. They can go pound sand.
WHY is our President doing this???
Now hold on just one minute! You mean to tell me there are "Arab farmers?" I've heard of dirt-farmers but not "sand-farmers."
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