On behalf of many Egyptians , I dedicate this song to both Morsi’s government and IMF.
Most political parties and powers are against the IMF loan. Most political parties like Strong Egypt Party ,the Socialist popular alliance party , Constitution Party and Popular Current coalition are against the loan. April 6 Youth movement “Ahmed Maher Front” also expressed its refusal.
The Drop Egypt’s Debts campaign has been outspoken against the loan and actually from the leading movements against it. The campaign presented alternatives but nobody listened to them. Strong Egypt Party also presented alternatives to the government.
All these political powers , parties, campaigns and movements organized protests and rallies against the loan but nobody wants to hear them
Now I have got one question : If the IMF is going to give us the loans without any conditions , why there are negotiations with the IMF !? Negotiations mean conditions !!
I love this song and the video, well done!
ReplyDeleteZenobia,
ReplyDeleteEconomists describe Egypt's economy as a 'mess'!
Growth plummeted from 6 percent to 1.8 percent following Egypt’s uprising in 2011, pushing millions deeper into poverty. Unemployment has risen to 12.6 percent. Foreign investors were spooked and have been slow to return. Foreign direct investment has fallen to just $218 million in the first quarter of this year, compared with $2.1 billion in the same period of 2011.
You want more! All you have to do is look around you to notice the daily decay of the economy...shops closed, budget deficits, damaged infrastructure,daily demonstrations, devaluation of the pound, cost of living and on and on.
Just like Greece, Egypt has to eliminate subsides, raise taxes and balance it's budget, but above all CONTROL CORRUPTION IN THE PUBLIC SECTOR.
An IMF loan would give the Egyptian banking system a chance to breathe by relieving Egypt’s debts and will send a positive message to foreign investors to increase investments.
With a deficit in the government's budget of 170 billion LE Egypt is technically bankrupt. Egyptian Petroleum Corporation owes about 11 billion US-$ (!) to foreign companies. Egypt has lost so far 27 arbitration proceedings at the International Arbitration Court at Washington and is ordered to compensate investors 450 million US-$.
ReplyDeleteWithout the IMF loan (condition among others is to seriously implement democracy and to close factories that will never be profitable, except for felool) the lights will go out for good.