Word: foreign
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Dates: during 1970-1979
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...payments are considered Saudi income taxes, which Aramco's four parents ultimately can use to reduce their U.S. income taxes. Every time Saudi Arabia increases its oil prices, Aramco's local tax payments rise, and so do its benefits under the U.S.'s so-called foreign tax credit. President Carter has vowed to tighten up on the credits, but he has not made much progress partly because Aramco's owners argue that they need the benefits to stay competitive in world markets...
...controversy surrounding Aramco underscores the internal tensions within the U.S. over the nation's alarming dependence on foreign crude. The oil industry must have billions of dollars to expand U.S. drilling, exploration and other energy-producing investments that are needed to escape OPEC's hold, and Aramco's megaprofits are a big help. But to ensure those profits and continued access to foreign crude, the company has to walk a finer and finer line between the steadily diverging interests of producing and consuming states...
...Egypt's economy today is a mix of unexpected strength and too familiar decay. The muscle is almost all in the country's robust foreign receipts. Despite the aid and trade boycott mounted against Egypt by other Arab nations after the peace treaty signing, Cairo can easily meet its foreign exchange needs. The largest source of funds is the money sent home by Egyptians working abroad; this will total $2 billion in 1979, up from just $200 million six years ago. Suez Canal revenues will bring in $600 million and could rise to $1 billion a year...
Thanks to its foreign income, Egypt has not been hurt economically by the loss of the $800 million or so in Arab aid it used to get annually, or by the Arab countries' refusal to do business with Cairo; before the boycott, those states accounted for only 7% of Egypt's trade. Arab anger remains high; the Egyptians expect that all of their postal, telephone and telex links to other Arab countries, as well as the remaining airline flights, will be severed in March, when Egypt and Israel plan to open embassies in Jerusalem and Cairo. Still, some...
...when the government last tried to raise food prices (bread went to 2?), riots erupted that nearly toppled Sadat. But if the President is to get more foreign loans-he has said that Egypt will need $18.5 billion over the next five years-he needs the approval of the International Monetary Fund. The IMF has been pressing Egypt for economic reforms, particularly a cut in the subsidies, and it is sending a team to Cairo this month to see what progress has been made...