Saad El-Husseini (Photo: Al-Ahram)
The head of the Egyptian Parliament's budget and planning committee has voiced his opposition to a raft of economic reforms proposed by the country's interim government to receive IMF funding.
Saad El-Husseini, committee head and member of the Freedom and Justice Party (FJP), told Ahram Online that he and his party, who hold the most seats in Parliament, oppose the programme. He explains that the plan fails to answer urgent questions about the direction of Egypt's economy.
A delegation from the International Monetary Fund (IMF) arrived in Cairo on Sunday to conclude talks on an emergency loan. Egypt's military-appointed government has presented the IMF with proposals on how it would reform the country's economy.
Ahram Online has obtained a copy of the eight-page document, which suggests wide-ranging, but somewhat vague plans for cutting Egypt's public debt by raising higher tax revenues. The programme is under review by Parliament, who must give majority approval for it to be passed.
"We have a lot of questions," El-Husseini told Ahram Online. "For example, how will they deal with the lack of foreign reserves after six months?"
He complained that the current programme makes no provisions for even maintaining foreign reserves at their current, depleted level, let alone raising them.
El-Husseini also called the government's plans for revising energy subsidies "very ambiguous."
"We're meeting with the IMF delegation on Tuesday morning. We have other suggestions to discuss with them," he said in conclusion.
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