Al Wafd Party Lauds IMF Loan

Al Wafd Party sees the US$ 4.8 billion loan which is sought by the Egyptian government from the International Monetary Fund (IMF) as crucial to save the country’s economy from the current crisis, said Dr. Fakhry El-Feky, Al Wafd Party’s Shadow Minister of Finance.

The IMF team may meet with the Party in Egypt soon to resume talks with opposition political parties over the planned loan, said El-Feky who is also a former assistant to the executive director of IMF. Egypt is entitled to assistance when going through a crisis because it is one of the founding members of the IMF, he affirmed.

“The Party does not object to the country’s approach of borrowing from IMF. However, the loans and aids secured by Egypt are temporary solutions to the current crisis. Stabilizing the political situation and boosting national economy are the effective solutions to the crisis,” he added.

It is worth mentioning that many opposition political powers such as the Egyptian Popular Current and Al-Nour Party rejected borrowing from the IMF as the government does not announce clearly the terms of the agreement with the IMF. The main challenge facing the current political regime is reaching a consensus on the loan.