US pledges 450 mln dollars to support Egypt's faltering economy

Last Updated: Mon, Mar 04, 2013 11:30 hrs

US Secretary of State, John Kerry, has pledged 450 million dollars to support Egypt's faltering economy, but warned Cairo that "more hard work" is needed.

Kerry's comments came after talks with Egyptian President Mohammed Morsi, during which he urged Morsi to ensure April polls were free, fair and transparent, reports the BBC.

Kerry said that more hard work and compromise will be required to restore unity, political stability and economic health to Egypt. He added that the Egyptian people must come together to address their economic challenge.

He also said that Washington would now be providing the first 190 million dollar of the pledged 450 million dollars in budget support funds for Egypt.

Kerry earlier urged the Egyptian government the government to reach a deal on 4.8 billion-dollar IMF loan that could unlock more US funds.

Morsi's government agreed the loan in principle last November but it was later put on hold amid the continuing street protests.

Kerry's visit came amid unrest over a trial of alleged perpetrators of football riots last year.

Kerry's first overseas trip as secretary of state is taking him to 11 countries in Europe and the Middle East. (ANI)

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