UK is primary defender of Africa and cannot easily ship reinforcements there, so the UK should recieve the $12 dollars at the beginning. Place an artillery in Malta with the fighter, and a submarine in Gibraltar with the Destroyer. Germany will likely concentrate its fleet clearing Malta, which you can then counterattack with four ships.
If the German fleet moves west instead (which means you’ve save the Malta fighter), use an amphibious assault from the East Mediterranean against Tunisia with air support (pick up the Malta artillery; land the fighter in Egypt after the battle).
Otherwise, hang back in defence and try to get Soviet support, using your ships primarily as an impediment against German landings and concentrating your troops in Egypt and Syria (with USSR support, you can probably get four units in each).
Germany will likely eliminate your fleet around England on the first round. Spend the rest of the game returning the favour. Begin with building subs (cheap and protected from air attack), then move on to Destroyers. Build all ships to the north-west, out of range of German fighters. Use a combination of ships and fighters to sink German ships built within range of England and Leningrad; you will need Soviet assistance to reach the Baltic by air, which means donating at least one fighter to them. Whenever possible, leave convoy protection/recapture to the USA; also encourage them to deal with the German Meditteranean fleet while you protect the north.
When the German Baltic fleet is no longer a threat compared to your own fleet, quickly move on to building transports (you should be building a transport as soon as it’s safe to do so). Your first landing should be Norway if the USSR hasn’t already conquered it, unless USSR needs immediate relief. Denmark, Netherlands and France are all viable targets; land even if you’re certain you can’t hold it. If German defences are too strong, they can be heavily damaged by a single infantry landing with the support of multiple destroyer support shots; you lose one unit while bombarding the coast with multiple hits (don’t commit the RAF to this type of assault or they’ll be taken as casualties). When your landings in western Europe begin, encourage the USA to focus its landings there as well. West European landings generally signal the end of the game for Germany.