The agreement offsets many of Egypt's debts to Russia with Russia's debts to Egypt using a subjective assessment of their value, an Egyptian Economy Ministry official said. "It's like an old-fashioned barter deal. You give me a pair of shoes and I give you what we agree is worth the same."
Egypt owes Russia for military hardware it acquired in the 1960s and 1970s and for industrial equipment for Russian-designed factories. Russia owes Egypt for cotton, clothes, citrus fruits and some chemicals. Because of the exchange rate complications it is not easy to say who owes whom the most or how much the debts amount to in dollar terms, the official said.
Russian Foreign Economic Relations Minister Oleg Davydov arrived in Cairo on Tuesday evening and the final negotiations were taking place Wednesday.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.