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philip rizk

The Hidden Costs of Egypt's IMF Loan | Al Akhbar English - 0 views

  • The Popular Campaign to Drop Egypt’s Debt issued a statement Thursday opposing the IMF loan and questioning the lack of information about “the extent to which the Egyptian economy needs this massive amount of dollars.” The group protested that there had been no discussion of alternative ways of financing public spending, adding that the government had obtained foreign loans amounting to $6 billion over the past year without any democratic oversight. Governments appointed by the military since the revolution had also borrowed record amounts from Egyptian banks, it said, and “it is not known how they were spent.”
philip rizk

The girl with the Egyptian flag | African news, analysis and opinion - The Africa Repor... - 0 views

  • must register and consolidate their victories in the institutions of that state
  • how dependent on the advice of foreign experts
  • apartheid debt
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  • orderly
  • democracy has not solved the most pressing of our own social contradictions, they have become worse.
  • it is very hard to keep
  • But for a democratic surplus, that is, and the procedural rights and freedoms South Africans enjoy, such as assembly and to vote for whom we choose among contesting elites. It is the absence of an out-and-out dictator, it seems, that keeps South Africa’s poor and discontented in their place.
  • an actual, not merely branded by a well-meaning Al Jazeera, ‘day of rage’.
  • A riot releases a qualitatively different element of political alchemy. It makes no demand. It constitutes itself as power rather than asking for stuff from the state. People in this mode have a burst to them that ranks and ranks of police cannot hold.
  • The top two of these historically are bread prices and repression. It seems that Arab politics has added a third distinct motive to revolt, one flowing from the form of state that has arisen in a privatized, globalised, late capitalist and kleptocractic era
  • Egypt is also an example of a country that decolonized very early and whose nationalist leaders enjoyed much prestige for their role in winning independence and keeping sovereignty. These struggle credentials and symbologies, such as they are, do not last
  • A second wave of post-nationalist, Arab liberation struggles are patently taking place now with a coherent and infectious set of ideas informing them.
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    "must register and consolidate their victories in the institutions of that state"
nohaelshoky

Japanese govt loans Egypt LE300 million to complete Grand Egyptian Museum | Al-Masry Al... - 0 views

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    The Japanese Government granted Egypt a LE300 million loan to complete the last phase of the Grand Egyptian Museum (GEM) in a deal signed Thursday, according to Antiquities Minister Zahi Hawass. During the signing of the deal with Japan International Cooperation Agency (JICA), Hawass said that construction work would begin in mid November and is scheduled to be completed by March 2015.
nohaelshoky

Gamal Mubarak and Atef Ebeid Lost 7 billion Egyptian Pounds in Privatization Scandal | ... - 1 views

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    Reports revealed new details in the on-going investigation of government privatizing and selling public-sector companies for less than their predetermined prices. These reports, compiled by the Public Funds Prosecution and the Administrative Supervisory Authority, suggest that Gamal Mubarak, son of deposed President Hosni Mubarak, Atef Ebeid, the former Prime Minister, and nine former ministers, wasted some LE7 billion in privatizing 11of 19 public-sector companies.
philip rizk

In Egypt, corruption cases had an American root - The Washington Post - 0 views

  • S. officials have not publicly raised questions about the funding to ECES
  • The privatization and economic opening of recent years have created new opportunities for ‘vertical corruption’ at upper levels of government affecting state resources
  • Officials at USAID declined to discuss their support of the Egyptian think tank, privatization efforts in the country or the sentiments shared in the confidential cables.
nohaelshoky

Mubarak's Odious Debts - Saifedean Ammous - Project Syndicate - 0 views

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    The interest that Egypt pays on its foreign loans is larger than its budget for education, healthcare, and housing combined, accounting for 22% of government expenditures. For the sake of Egyptians and people living under tyranny everywhere, Egypt's government must take a brave stand by voiding these debts as
nohaelshoky

Egypt's Military to Lend $1 Billion to Bolster Currency - 1 views

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    The loan, reported by state news media on Wednesday, appeared to be part of a broad public relations campaign. Faced with criticism of its reluctance to turn over power and its brutal treatment of protesters, the ruling military council is apparently trying to show it is helping alleviate Egyptians' financial distress.
nohaelshoky

المصري اليوم» تفتح ملف ديون مصر: كيف وصلنا إلى «التريليون»؟ - 0 views

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    history of Egyptian Debt - King Farouk - Mubarak
nohaelshoky

Arab civil society rejects IFI involvement (Bretton Woods Project) - 1 views

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    "the Bank tends to threaten rather than improve food security " Breaking Up? A Route Out of the Eurozone Crisis 13 January In late June, the Egyptian Ministry of Finance turned down a $3 billion loan package from the IMF, citing the rejection as a response to "public debate".
philip rizk

Market Report: US debt crisis sends Egypt's main index to 2-year low - Economy - Busine... - 0 views

  • Foreigners led the exit, net-selling a net LE31.6 million of stock, while non-Arab investors offloaded LE5.48m, leaving Egyptians – who made up 84.6 per cent of the day’s trades – the sole net-buyers.
philip rizk

Egypt's 'Orderly Transition'? International Aid and the Rush to Structural Adjustment - 0 views

  • a critique of these financial packages needs to be seen as much more than just a further illustration of Western hypocrisy
  • a sustained effort to restrain the revolution within the bounds of an ‘orderly transition’
  • Egypt is, in many ways, shaping up as the perfect laboratory of the so-called post-Washington Consensus, in which a liberal-sounding ‘pro poor’ rhetoric – principally linked to the discourse of democratization – is used to deepen the neoliberal trajectory of the Mubarak-era
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  • “As momentous as the current security and political restructuring challenges may be, it is absolutely critical that the transition authorities … place a high priority on deepening and accelerating structural economic reforms … transition and subsequent governments must articulate a credible medium-term reform and stabilization framework … [and] need to focus on creating the legal and institutional environment for fostering entrepreneurship, investment, and market-driven growth.”
  • The IIF went on to bluntly identify this acceleration of structural adjustment as the “context” in which aid to Egypt would be provided
  • designed to ensure greater legitimacy for neoliberalism
  • By limiting democracy to the ‘political’ sphere and expanding the notion of freedom to include ‘markets’, they obfuscate the necessary relations of power within the market, and explicitly block the ability of states to determine the use, ownership and distribution of their economic resources. Democratic control of the economy is thus precluded as a violation of ‘good governance’.
  • In the case of Egypt, the discourse of institutional reform has allowed neoliberal structural adjustment to be presented not just as a technocratic necessity – but as the actual fulfillment of the demands innervating the uprisings
  • emphasized by US and European spokespeople over the last weeks: this was not a revolt against several decades of neoliberalism – but rather a movement against an intrusive state that had obstructed the pursuit of individual self-interest through the market
  • Perhaps the starkest example of this discursive shift was the statement made by World Bank President Robert Zoellick at the opening of a World Bank meeting on the Middle East in mid-April. Referring to Mohammed Bouazizi, the young peddler from a Tunisian market place who set himself on fire and became the catalyst for the uprising in Tunisia, Zoellick remarked “the key point I have also been emphasizing and I emphasized in this speech is that it is not just a question of money. It is a question of policy … keep in mind, the late Mr. Bouazizi was basically driven to burn himself alive because he was harassed with red tape … one starting point is to quit harassing those people and let them have a chance to start some small businesses.”  
  • Western loans act to extract wealth from Egypt’s poor and redistribute it to the richest banks in North America and Europe.
  • Contrary to what has been widely reported in the media, this was not a forgiveness of Egypt’s debt. It is actually a debt-swap – a promise to reduce Egypt’s debt service by $1 billion, provided that money is used in a manner in which the US government approves.
  • dependent upon a continuous stream of new loans in order to service previously accumulated long-term debt
  • A PPP is a means of encouraging the outsourcing of previously state-run utilities and services to private companies
  • “a useful phrase because it avoids the inflammatory effect of “privatization” on those ideologically opposed
  • “The EBRD was created in 1991 to promote democracy and market economy, and the historic developments in Egypt strike a deep chord at this bank."
  • A research institute that tracks the activity of the EBRD, Bank Watch, noted in 2008 that a country cannot achieve top marks in the EBRD assessment without the implementation of PPPs in the water and road sectors.
  • The current Egyptian government has given its open consent to this process
  • “the current transition government remains committed to the open market approach, which Egypt will further pursue at an accelerated rate following upcoming election.”
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    "a critique of these financial packages needs to be seen as much more than just a further illustration of Western hypocrisy"
Ahmed Badawi

Mubarak's Odious Debts - 0 views

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    A glance at Egypt's public finances reveals a disturbing fact: the interest that the country pays on its foreign loans is larger than its budget for education, healthcare, and housing combined. Indeed, these debt-service costs alone account for 22 percent of the Egyptian government's total expenditures.
nohaelshoky

Audit and cancel Egypt's debt | Al-Masry Al-Youm: Today's News from Egypt - 0 views

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    On 31 October, a group of researchers, activists and civil society organizations will launch the Egyptian Debt Audit and Cancellation Campaign in coordination with international actions in Europe and Latin America. The main goal of the campaign is to audit and cancel Egypt's foreign debt that was accumulated under ousted President Hosni Mubarak.
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