LONDON (May. 8)
While the Financial Times reported here today that a loan of 60, 000,000 pounds sterling ($168,000,000) has been offered to the United Arab Republic by Britain, the influential Daily Telegraph editorially opposed broad-scale Western aid to Egypt. The Daily Telegraph pointed out that one of the reasons for Egypt’s current economic difficulties was Cairo’s commitments to barter cotton for arms in deals with countries of the Soviet bloc.
The Daily Telegraph editorial held that Egypt’s arguments, advanced of late in Washington and London, about the need for Western support of the UAR, lest Soviet Russia “step in, ” would probably “carry no weight in Parliament.”