El-Sadat on the IMF Agreement: A Silver Lining

Parliament Member/ Mr. Anwar El-Sadat, Head of Reform and Development Party (RDP) expressed sadness and concern of the Egyptian economy. He said that the reason behind this is years of lack of professionalism, Conflicting policies and short term sight. The economic indexes are deteriorating and the citizen suffering is aggravating. Such deterioration will lead us to bankruptcy. That is why the state is seeking the financial support of the IMF to solve the budget deficit problem and the grave deficit in the Balance of Payments. The problem of the Loan is not its annual interest rate as it is not more than 2%, however, the problem is in the procedures requested by the IMF as a condition for granting approval. On top of list of the conditions are floating the Egyptian pound and to reach a real balance price. This will lead to evaluating the Egyptian pound and overprices affecting all the Egyptians. Such acts will be in parallel with overpricing gas products and public services affecting the citizens directly. 

We are now facing real economic facts that no one can deny. The measures and procedures taken for this loan are severe; however, such agreements with international organizations may be a new start for our national economy. We need to have a plan and systematic balanced policy to regain the investors' trust for the best interest of Egypt. We need to get down to business to find a way out for this crisis and to be on top of list of all aspects of civilizations. We need to be on friendly terms with all international organizations rather than escalating hatred, lack of trust and accusing others of conspiracies.

We need to deal with people with peace and cooperation for a better future. We need to have real competitiveness with European, American and Asian products and we need to enhance the touristic sector to be on top of list of most visited destinations in the world and we should not be satisfies with few millions that are not sufficient comparing it to our Egyptian heritage and touristic wealth. We need to cooperate with training industrial, craft and vocational institutions of the developed countries like Germany, America or Korea. That will enhance the skills of workers and result in having a real competitive Egyptian product with a reasonable price. We need to accept foreign press criticism and seek an opportunity for cooperation with the developed countries rather than focusing on the theory of conspiracy. We need to cooperate with the developed countries to enhance the governmental administrative agencies to have developed systems that can provide good service for the citizens and to be more transparent and less corrupt in a way that can serve the community well. We should identify our problems and address them and be responsible for solving them. So may be the IMF loan is silver lining.


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