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Egyptian activists call for protest against IMF loan Wednesday

Protest to take place in Cairo on Wednesday against possible IMF loan to Egypt, which activists warn could threaten nation’s political and economic independence

Ahram Online, Tuesday 21 Aug 2012
Christine Lagarde
The Managing Director of the International Monetary Fund (IMF) Christine Lagarde (Photo:Reuters)
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A protest calling for Egypt to reject loans from the International Monetary Fund (IMF) and World Bank will take place outside the Cabinet building in Cairo on Wednesday during a visit by IMF chief Christine Lagarde.

‘We are all Mina Daniel’, a revolutionary group named after a leftist Coptic activist killed during clashes with the military last year, and the Egyptian Communist Party are two of the main groups organising the event.

Loans come with "international conditions that will impoverish the Egyptian people" and "pose a threat to Egypt's political and economic independence," event organisers said in a statement on Facebook.

The protest will also call for a national economic policy based on independent industrial and agricultural development.

Egyptian authorities invited Lagarde to Cairo to discuss loans from the IMF. She will meet with Cabinet members on Wednesday.

They will discuss the possibility of a bigger-than-expected $4.8 billion loan from the Washington-based body, Reuters reported last week. 

Since the ouster of former president Hosni Mubarak, activists have been campaigning under the banner  "Drop Egypt's Debts" and raising awareness about the likely consequences of IMF loans. 

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asaad
25-08-2012 10:59am
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The CURSE for EVER
IMF people are the flag bearers of the "carrot and stick" policy; the carrot is also a short stick with poisin in it. They cant show a single example around the globe where there policies have produced productivity, poverty alleviation or the so-called economic development. As a result of thier sugar quoted poisonous pills of 'zero tariff', 'open borders', 'privatization', 'open capital markets'. Nations have lost thier resources, their competencies and thier assets everywhere and anywhere in the world. In the crisis of stock markets in 1997, Malysia's Mohatir Muhammad rejected thier 'kind' offer to help and loans and Malysians lose nothing. There is a Lesson for All other Nations. Happy Rejecting International Misery Fund...Amin!
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ayman
24-08-2012 08:56am
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Not Needed
Egypt can collect several billion dollars from several sources: First, improved tax collection. Second, investment in its own current projects to get a higher percentage of their profits for example, the gold mines, fertilizer plants and petrochemical plants. Third, allow the private sector to share some of the load in expensive infrastructure projects e.g. power plants. Finally, put incentives to Egypt's billionaires to invest in value added production instead of the rampant and disastrous practice of selling raw materials. Why do we need China or Turkey to produce fabric rolls (not clothes!) with our cotton?
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Michael Costello
21-08-2012 09:23pm
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good policy for rejecting loans
Briefly, two of the many good reasons for not placing oneself and future generations in debt to the financiers behind the IMF : The more you borrow, the bigger the sum of interest you pay to the banks which, quite reasonably, in their own interests and not yours, lend like any moneylender, to make a net profit. Secondly, with a loan from the IMF come conditions that remove policy-making from ones own government, cut social services and employment, the very factors that can make for balancing the books in any state. The countries which are in the greatest difficulties at present, including Greece, Portugal, Spain and Italy, to be shortly joined by others, are those which have taken the poinsoned chalice of loads and interest, so cannot pay the interest and then come up for more, and so the old story goes on.
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M V L
23-08-2012 11:49am
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Balancing books
Ultimately everything is dictated by economic power - even though who use other pretexts in reality seek economic dominance. Can Egypt can survive without outside financial help? I think not. So it is a question of what financial means are available, assess the costs both financial and indirect attached to them and make the best or lest bad choice. I was recently in Athens and I must say compared to Egypt Athens was a refreshing breath of quality and efficiency even with the problems Greece faces.
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najjar
21-08-2012 03:09pm
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International Misery Funds
Keep them out. They are bad news.
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najjar
21-08-2012 02:55pm
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International Misery Funds
Keep them out. They are bad news.
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Dalou
22-08-2012 06:42pm
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Beware of International Misery Funds
They have no interest exept their multiples interests. Beware of those who come bearing gifts.
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