A team from the International Monetary Fund is in Cairo this week to discuss details of a long-awaited loan package. Many voices in Egypt have opposed an IMF role, and an umbrella group of activists and political opponents is seeking to keep that opposition alive as negotiations proceed. Via BusinessWeek:
Egypt’s talks with the International
Monetary Fund for a $4.8 billion loan should be frozen because
the negotiations are secretive and lack popular support,
according to a letter released by 17 political parties, civil
organizations and labor groups.
The loan negotiations process has “lacked transparency”
from the government and IMF, talks continue in the absence of a
parliament and public consultations have been “inaccessible,”
according to the letter from the Popular Campaign to Drop
Egypt’s Debt, an umbrella group, and addressed to Prime Minster
Hisham Qandil and IMF Managing Director Christine Lagarde.
The Popular Campaign's website is here. Their focus is on the illegitimacy of the debts incurred by the Mubarak regime:
Egypt's external debt is a direct result of Mubarak regime's failed
economic policies, which resorted to external borrowing as a quick fix
for complex economic problems. These problems remain unresolved until
today and require alternative strategies to address them. Although
Egyptians did not have a say over the need for external borrowing nor
the priorities over which the loans will be spent for, they continue to
suffer from Mubarak's debt burden even after his fall. It is also
needless to mention that corruption has been festering all through out
Mubarak's reign and in all sectors and insitutions, that it is highly
expected to have inflitrated debt management as well as project
It would be interesting to know whether the campaign has linked up with international debt relief movements and with activist groups skeptical of the IMF's role.