Alliance of Egypt’s Revolutionaries Rejects IMF Loan
The Alliance of Egypt’s Revolutionaries has released a statement calling on the Cabinet not to proceed in the procedures of the International Monetary Fund’s (IMF) loan as they refuse to make Egypt subject to the economic colonial powers.
The Alliance added in the statement that the IMF imposes its supervision on the countries it lends so as to ensure that its plans and conditions are implemented. The Alliance is wondered on how the Cabinet and the supporters of the loan are affirming that the IMF will not impose any conditions as this is illogical. The colonial powers are managing IMF to get benefit from the resources of the third world countries, the Alliance said.
“We will not accept further loans which will increase our burdens; we do not want temporary solutions which increase the poverty of the poor,” said the Undersecretary General Coordinator of the Alliance.
The interest rates of loans Egypt had earlier received accounted for 25.7% of the state’s budget, as it rose by EGP 27.3 billion since last year, according to the statement. The Alliance has suggested an alternative for the loan to the Cabinet which is establishing an independent authority to urbanize Egypt’s deserts in accordance with the plan previously set by Egypt to urbanize 8% of the country’s land which is about 15 million feddans (15.57 million acres) as an initial phase.
The Alliance also suggested to the Cabinet establishing a bank to which the land revenues transferred and then the bank will lend the state. The revolutionary alliance said if each meter of the land is sold at one dollar then the revenues will be about US$ 63 billion.
The Alliance of Egypt’s Revolutionaries will hold an economic conference next month to manifest the dangers of the IMF loan and illustrate its alternative plan. The prime minister Hisham Kandil and the concerned ministers will be invited to this conference. The Alliance of Egypt’s Revolutionaries announced that it will participate in the demonstrations on September 1st to protest against the IMF loan.
