A delegation from the Foreign Trade Ministry of the Soviet Union has arrived in Egypt to hold talks with Egyptian government officials on the huge debts Egypt owes the Soviet Union.
GV EXT Ministry of Finance building in Cairo
SV INT Soviet delegation seated at table
SV ZOOM IN TO Egyptian delegates plus CU Aimed Aba-Ismail
SV PAN FROM Russians TO Egyptians
GV Delegates around conference table
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Background: A delegation from the Foreign Trade Ministry of the Soviet Union has arrived in Egypt to hold talks with Egyptian government officials on the huge debts Egypt owes the Soviet Union.
The debts, one of the factors straining relations between the two countries, amount to more than 1,000 million pounds sterling. Egypt wants a rescheduling of the time for the repayment of the debts.
The Soviet delegation is being led by the Soviet Deputy Foreign Trade Minister, I.T. Grishin. Mr Grishin and his delegation of economic experts are conferring with Egyptian Finance Minister, Dr. Aimed Aba-Ismail and other Egyptian government officials.
A recent report suggests that Egypt wants a period of grace spanning ten years before repaying the debts over the following thirty years. Dr. Aba-Ismail discussed the matter with Soviet leaders last July in Moscow, the capital of the Soviet Union, but the talks ended in deadlock.
A major part of the debts are due to arms purchases. Egypt wants to period or grace to serve as a "breathing period" to help improve its already overstrained economy, but the Soviet Union fears that its acceptance could encourage other countries to do the same.