Convening in Deauville, France from May 26-27, members of the G8 are expected to release a political and financial economic assistance program for Egypt and Tunisia. G8 members Canada, France, Germany, Italy, Japan, Russia, the UK, and the US are also expected to discuss other topics not listed on the agenda.
As the North African countries succeeded in ousting their long-time rulers, Egypt and Tunisia are plagued with an economic meltdown. For Egypt, the decrease in tourism revenue amounting to a 75% to 90% decrease has been the main problem while Tunisia is struggling to cope with the thousands of refugees from Libya. The interim leaders of Egypt and Tunisia are expected to attend the summit to address their country’s needs.
US President Barack Obama unveiled a plan to aid the MENA region beginning with Egypt and Tunisia in order to help stabilize their economies in the short-term and further integrate them into global and regional markets for the long-term. The US will relieve $1 billion in debt for Egypt and provide another $1 billion in loan guarantees. And the G8 outcome is expected to be similar to the US plan, although any blueprint would need approval from the World Bank, UN, EU financial institutions, and the IMF.
Egypt is attempting to regain its tourism population with various tools, but particularly through commercials broadcasting its ancient attractions seen on a local Shanghai television station and undoubtedly in other areas around the world. However, with repeated embassy warnings about a new protest every Friday (reports say protests against Israel are expected on May 27), sectarian clashes, and continuous strikes from workers, it will require more than just debt forgiveness from the US and a credit line extended from the G8.
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