Egypt's Popular Current launches anti-IMF loan campaign

Ahram Online, Saturday 3 Nov 2012

The Egyptian Popular Current calls for Egyptians to send e-mails to the IMF objecting to its controversial loan

Nasserist Hamdeen Sabahi (Photo: Reuters)

The Egyptian Popular Current led by Nasserist Hamdeen Sabbahi is calling for a Egyptians to petition the International Monetary Fund (IMF) via email to protest a loan negotiated for Egypt. 

Talks over the controversial loan, estimated at $4.8 billion, requested by the Egyptian government have been ongoing following the visit by Christine Lagarde, managing director of the IMF, in late August. However, the loan has been rejected in principle by a number of political groups.

In a statement published by the Egyptian Popular Current on Saturday, the group called for boycotting the loan and sending e-mail to the IMF administration to voice opposition to what they called "conditional loans."

"Your loan is causing our poverty. Your condition to interfere in our politics is unacceptable. And the history of your institution and loans was disastrous to our economy," reads the e-mail that will be sent.

The campaign coincides with the visit of an IMF delegation to continue talks on the loan.

Voices opposing the loan are mainly from leftist and revolutionary currents who, in late August, organised a protest against the visit of Lagarde, describing the loan as a mean of spreading capitalist values to the cost of workers and ordinary citizens.

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