Sunday, June 26, 2011

Egypt drops plans for IMF loan amid popular distrust

Egypt has dropped plans to seek loans from the International Monetary Fund and World Bank, Finance Minister Samir Radwan has said.


"....An adviser told AFP news agency the decision had been partly a response to the "pressure of public opinion".

Many of those who took part in Egypt's uprising denounced the role of the IMF.

It was seen as bolstering the rule of now-deposed President Hosni Mubarak while imposing harsh economic conditions that benefited the rich more than the poor, says the BBC's Arab affairs editor Sebastian Usher....

Despite apparently lenient terms on which the IMF offered the loan, many Egyptians were unhappy, feeling it was a betrayal of the protest movement that had denounced the IMF as a tool of imperialism, our correspondent says...."

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