The Popular Socialist Alliance (PSA) and the Egyptian Popular Current have issued a statement expressing their rejection of the planned IMF loan to Egypt, which is yet to be signed, calling for a protest at the High Court in Cairo at 2pm.
“The alliance reaffirms its rejection of the economic policies that the cabinet of [Prime Minister] Qandil insists on taking,” read the statement, which stressed that such policies will increase the burden on the poor and will lead to the subordination of Egypt’s economy to foreign funding institutions.
The Popular Socialist Alliance further argued that signs of the negative consequences of the loan had already been seen, giving the example of the rise in prices of cooking gas canisters on Monday “coinciding with the arrival of the IMF delegation to Cairo on Tuesday” to negotiate the loan deal.
The party further accused “the Muslim Brotherhood’s government” of embracing the same economic and political policies as Mubarak’s regime which sparked the January 25 revolution, calling on them to find alternatives that will ensure social justice.
The Egyptian Popular Current also warned of the consequences of the loan on the poor, expecting a further rise in prices as a result of the loan.
The movement further said that it will join the calls for protests on Wednesday noon against the controversial loan, adding that a complaint will be filed against President Mohamed Morsi and the minister of finance for their insistence on seeking the loan in spite of all its negative points.
A march is later expected to take place from the High Court to the Cabinet in Qasr Al-Aini, in downtown Cairo.
A delegation from the International Monetary Fund will resume talks with the Egyptian government over the planned $4.8 billion loan on Wednesday.