Kerry promises $250 million to ailing Egypt

U.S. Secretary of State John Kerry promised $250 million in aid to Egypt. The economically ailing country vowed to reach an agreement with the International Monetary Fund on reforms for a $4.8 billion loan deal that has been negotiated for the last few months. He said it is "paramount, essential, urgent" that the Egyptian economy gets back on its feet. The aid consists of two parts: a $190 million infusion for Egypt’s budget, that has already been approved by Congress. The other $60 million is intended for the creation of a fund to support small businesses, which will provide “direct support to key engines of democratic change in Egypt, including Egypt’s entrepreneurs and its young people,” according to The New York Times. In May 2011, President Obama pledged $1 billion to support Egypt’s democratic revolution. The $190 million in aid announced on Sunday is the first disbursement of that pledge.