Nawar Calls on Govt To Ask $11 bln IMF Loan

Abdel Hamed Nawar, Professor of Economics and Political Sciences, said the government needs to borrow $ 11 billion to meet the budget deficit; referring that the IMF loan is a good opportunity owning to its low interest. He added that the government had to ask 700% of the share in the IMF’s loan because it is a main partner in setting the fund’s polices.  
He mentioned that the fund has provided the full support to many countries as Greece. Nawar thinks the fund showed the complete support to Egypt  during the democratic transition it witnesses; affirming that the loan represents a trust testimony on the safety of its  financial polices to facilitate borrowing procedures, unlike Kuwait and UAE that refused to lend the government to meet its needs.
The professor pointed out that the political decisions in Egypt affect on the economic ones, therefore the development rates get affected in short time. He referred that the government slows to launch an initiative for writing off debts, as US president Barack Obama is the first to call for writing off debts in the US.