Last Update 15:30
Monday, 27 May 2019

Egypt revolutionary groups stage protest against IMF loan

Dozens of leftist activists march to Cabinet building on Wednesday calling on Egypt's new leaders to reject loan proposals from International Monetary Fund, World Bank

Ahram Online, MENA, Wednesday 29 Aug 2012
Views: 1679
Views: 1679

Revolutionary groups staged a protest march in downtown Cairo on Wednesday in which they called on Egypt's leaders to reject loan proposals from the International Monetary Fund (IMF) and World Bank, which, they asserted, would lead to the impoverishment of the Egyptian people.

Groups participating in Wednesday's demonstration included the Revolutionary Socialists, the Kefaya protest movement, the Mina Daniel Movement, the Egyptian People's Party and the Socialist Popular Alliance Party.

The march, which involved dozens of activists, kicked off at downtown Cairo's Borsa café, from which protesters later walked to the nearby Cabinet building, where IMF chief Christine Lagarde was holding meetings with members of Egypt's government.

Rather than taking loans from multilateral institutions, protesters called on the Egyptian government to retrieve state money pilfered by the ousted regime of former president Hosni Mubarak and to modify Egypt's investment law so as to attract greater foreign and local investment.

"No to international loans over the rights of the poor," activists chanted. "Your money impoverishes us." Others held banners aloft reading, "We'll never pay Mubarak's or [President Mohamed] Morsi's debts."

On Wednesday, Lagarde – currently in Cairo to discuss loan proposals – met with members of Egypt's Cabinet to discuss the possibility of a larger-than-expected $4.8 billion loan from the Washington-based body.

Since Mubarak's ouster early last year, Egyptian activists have campaigned under the slogan "Drop Egypt's Debts" in an effort to raise public awareness about the potentially negative economic consequences of taking loans from the IMF. 

Short link:


Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.

© 2010 Ahram Online.