Morsi needs to implement reforms that will help his country secure an IMF agreement.
Many Egyptians remain deeply concerned about the political and economic course of their country.
During his recent visit to Egypt, U.S. Secretary of State John Kerry met with President Mohammed Morsi to discuss these issues. Clearly, said Mr. Kerry, "more hard work and compromise will be required to restore unity, political stability and economic health to Egypt. The upcoming parliamentary elections are a particularly critical step in Egypt's democratic transition."
Mr. Kerry stressed the need to ensure that the elections are free, fair and transparent. It is also critical to reform the police sector, protect non-governmental organizations, and advance the rights of all Egyptians, men and women, and people of all faiths.
In his meetings with Egyptian leaders, Mr. Kerry conveyed a simple but serious message: "The brave Egyptians who stood vigil in Tahrir Square did not risk their lives to see that opportunity for a brighter future squandered."
President Morsi needs to implement reforms that will help his country secure an International Monetary Fund, or IMF, agreement, and put Egypt on the path to establishing a firm economic foundation.
In 2011, President Barack Obama pledged to provide up to $1 billion in U.S. support for Egypt’s democratic revolution. This commitment reflected America's profound support for and interest in Egypt’s future as a democracy driven by strong businesses, vibrant non-governmental organizations, full political participation and universal freedoms.
In the interest of continuing to support democratic change in Egypt, the United States is launching the Egyptian-American Enterprise Fund, with an initial installment of $60 million in U.S. government capital now, rising to $300 million in the coming years.
Moreover, in light of Egypt's extreme needs and President Morsi’s assurance that he plans to complete the IMF process, the United States announced it will provide the first $190 million of its pledged $450 million in budget support funds to spur reform and help the Egyptian people at this difficult time.
The American people want to see the political and economic success of the Egyptian people. The U.S. looks forward to continuing to work closely with all Egyptians as they define their own path to economic strength, a working democracy, and regional peace and security.