Egypt

• Egypt’s turmoil is a distraction from IMF economic agenda

  by Nick Dearden

  24 September 2012

  Political and religious tensions should not obscure the deeper economic issues that are dividing Egyptian society The storming of the US embassy in Cairo has diverted attention once again from the real issues facing Egypt. It couldn’t have come at a better time for those who want to convince the Egyptian people to accept an International Monetary Fund loan, and extend former president Hosni Mubarak’s liberalisation of the economy. While the western media and politicians seem content to view (...)

• Egypt. ’No’ to borrowing on the terms of the IMF, Ganzouri and their successors

  by Wael Gamal

  13 September 2012

  An IMF loan is the easy way out for Egypt’s economic and political elites, but one that will betray the principles of the revolution In a statement to Al-Shorouk newspaper ten days ago, Egypt’s Minister of Finance Momtaz El-Said said that Prime Minister Kandil’s cabinet will restart negotiations with the International Monetary Fund for loans "based on the economic programme that [his predecessor] Ganzouri’s government submitted in a previous attempt to obtain the loan." El-Said, who was a (...)

• Hook: Egypt debt repayments to UK and other Western governments, 29 June

  Egypt pays $650m ‘dictator debt’ to West

  by Jubilee Debt Campaign

  28 June 2012

  Campaign groups in London and Paris will protest the ongoing repayments Egypt is making to the UK and France on the basis of ‘dictator debts’ run up under the regime of Hosni Mubarak. Egypt is expected to pay around $650 million to the Paris Club of Western creditors on 29 June, just part of this year’s expected $3 billion repayments on interest and debt stock. As Egypt’s new President takes office, social justice group Jubilee Debt Campaign is calling for an immediate moratorium on Egypt’s (...)

• The Popular Campaign to Drop Egypt’s Debt Call to European national MPs and MEPs: To demand from the Egyptian government an audit of Egypt’s debts to EU countries through an independent committee

  6 June 2012

  Preamble The end of the Mubarak dictatorship left Egypt with a heavy legacy of failed economic policies and a misshaped sovereign debt management with projects not necessarily benefiting the vast majority of the Egyptian population. Today, Egypt bears the burden of a public external debt amounting to $35 billion consuming - together with public internal debt - 2/5th of the national budget. In 2011, debt service amounted to more than government expenditure on health, education and housing (...)

• Drop Egypt’s Debt letter to IMF around Spring meetings requesting transparency!

  by Popular Campaign to Drop Egypt’s Debt

  28 April 2012

  The Popular Campaign to Drop Egypt’s Debt demands, in an open letter, that all conditionality clauses relating to the proposed $3.2 billion IMF loan to Egypt be revealed Dear Ms. Christine Lagarde, The Popular Campaign to Drop Egypt’s Debt is writing you to raise concerns on the way the IMF loan is being negotiated and propose actions by the IMF to correct the problems. Unfortunately the Egyptian government continues to pursue the same style of the pre-January revolution loan handling. For (...)

• Egypt’s economic reform proposals ignore social justice: Civil group

  by Bassem Abo Alabass

  2 April 2012

  Proposed government plans to curb the country’s public debt to meet International Monetary Fund approval fail to address endemic poverty, a key cause of the revolution, say critics Protester’s hand is daubed with a leading demand of the revolution: ’social justice’ (Photo: Reuters) A group demanding the cancellation of Egypt’s debts has issued a statement condemning the interim government’s proposals for reforming the economy. The Popular Campaign to Drop Egypt’s Debts (PCDED) claims new plans (...)

• Statement of the Popular Campaign to Drop Egypt’s Debt

  Egypt. Debt Swap is not an Alternative to Cancelling Odious Debt

  by Popular Campaign to Drop Egypt’s Debt

  17 February 2012

  Background Amidst a general atmosphere of an extreme lack of transparency it has come to our knowledge that Egypt had sealed agreements with three European countries pertaining to the implementation of debt swap programs, and is currently negotiating with two further countries. The countries in question according to informal sources are Germany, France, Italy and Belgium. The Popular Campaign to Drop Egypt’s Debt would like to raise strong concerns regarding the conditions under which these (...)

• Press Release

  Egypt: transitional government obtains loans four times as much as those of Mubarak’s time

  by Amr Adly

  2 February 2012

  The IMF loan issue is looming again in the horizon, a few months after the rejection of a similar loan. It was claimed that the first loan was rejected because its conditions were unacceptable, however, such conditions were never revealed to the public. Dr. Fayza Abu El-Naga, Minister of International Co-operation and Planning, who has previously rejected the first loan, started to refer to conducting positive consultations with IMF and confirming that this time, the loan is (...)

• Egypt’s ’Orderly Transition’? International Aid and the Rush to Structural Adjustement

  by Adam Hanieh

  3 December 2011

  lthough press coverage of events in Egypt may have dropped off the front pages, discussion of the post-Mubarak period continues to dominate the financial news. Over the past few weeks, the economic direction of the interim Egyptian government has been the object of intense debate in the World Bank, International Monetary Fund (IMF) and European Bank for Reconstruction and Development (EBRD). US President Obama’s 19 May speech on the Middle East and North Africa devoted much space to the (...)

• “You Pay, You Monitor”

  The Popular Campaign to Drop Egypt’s Debts

  by Popular Campaign to Drop Egypt’s Debt

  8 November 2011

  The Popular Campaign to Drop Egypt’s Debts has the honour to announce the formation of a joint Egyptian-Tunisian committee for the Dropping of Debts in coordination with the campaign in Tunisia. The Campaign to Drop Tunisia’s Debt aims at auditing and dropping the debts of the dictator Bin Ali and was launched in the aftermath of the Tunisian revolution. This coordination between two popular Arab movements is a practical translation of the achievements of the Arab Spring. The joint committee (...)

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