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ID-77-33 1 (1977-09-15)

handle is hein.gao/gaobaavzk0001 and id is 1 raw text is: DCCUMENT RESUME 03513 - [A-723933) (Restricted) Egypt's Capacity to Absorb and Use Economic Assistance Effectively. ID-77-33; B-125010. September 15, 1977. 25 pp. + 11 appendices (22 pp.). Report to Rep. Lee H. Hamilton, Chairman, House Committee on International Relations: Europe and the Middle Ea3t Subccmmitte6; by Elmer B. Staats, Comptroller General. :ssue Area: International Economic and Military Programs: Impact of U.S. Security Supporting Assistance Abroad (611); Food (1700). Contact: International Div. Budget Function: National Defense: Military Assistance (052); International Affairs: Foreign Economic and Financial Assistance (151) ; International Affair.-: International Financial Programs (155). Organization Concerned: Agency for International Development; tepartment of the Treasury; Department of Agriculture; Department of State. Congressional Relevance: House Ccmmittee on International Relations: Europe and the Middle East Subcommittee. U.S. assistance to Egypt has become a political symbol of evenhanded support among the Middle East adversaries. The econcmic impact of U.S. assistance depends on Egypt's development of encomic reforms. Findings/Conclusions: The U.S. programs provide long-term benefits through development projects. Short-term balance-of-payment relief is provided through the Commodity Import Program and food aid. The most serious impediment to Egypt's development is its difficulty in mobilizing dcmestic resources. Egypt's accelerated development program will require it to stretch financial, material, and organizational resources to the limit. This could have a destabilizing effect if development -&s not accompanied by sound budgetary management. Recommendations: Congress should consider the merits of providing hard currency financing for the local costs of selected prcjects in the U.S. assistance program for Egypt. The following factors shculd be considered: (1) the U.S. level of assistance to Egypt is based on political consideraticns, not on Egypt's economic capacity to accelerate its development program; (2) the economic reforms enacted are expected to fall short in providing the increased savings required to accelerate Egyptian development; and (3) U.S. assistance to Egypt should include projects which will provide long-term benefits. (Author/SC)

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