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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"
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

JICA | Signing of Exchange of Notes and Loan agreement of Gulf Elzeyt Wind Power Plant ... - 0 views

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    The opening ceremony of Egypt-Japan University of Science and Technology (E-JUST) of JICA's leading projects in Egypt was held in June 3rd, 2010. It was attended by Dr. Ahmed Nazif, President of Japan International Cooperation Agency (JICA), Mrs. Sadako Ogata, Minister of Higher Education, Dr. Hani Helal, Minister of International Cooperation, Mrs.
nohaelshoky

CADTM - Moratorium on Tunisian debt: an urgency for the people of Tunisia - 0 views

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    By the same authorMarie-Christine Vergiat By the same authorGabi Zimmer By the same authorCADTM Press release 4 April 2011 by Marie-Christine Vergiat, Gabi Zimmer, CADTM Press release of Marie-Christine Vergiat (Front de Gauche) and Gabi Zimmer (Die Linke) MEPs and of the CADTM (Committee for the Abolition of the Third World Debt) Following a meeting held in the European parliament in Brussels organised by the CADTM (committee for the Abolition of the Third World Debt) and two MEPs from the GUE-NGL (European United Left-Nordic Green Left), Marie Christine Vergiat (Front de Gauche) and Gaby Zimmer (Die Linke), and several members of the European and national parliaments belonging to different political affiliations, are launching an appeal calling for the immediate suspension of the EU debt repayment by Tunisia (with frozen interests).
Ahmed Badawi

Uprising costs Egypt $9.79 billion: Geopolicity Report - Economy - Business - Ahram Online - 0 views

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    Egypt's Revolution has cost the country, up to September, US$9.79 billion, according to a report issued by consultancy group Geopolicity. Titled "The cost of the Arab spring & Roadmap for G20/UN support", the report shows results of a costing exercise undertaken by Geopolicity, based on data from the International Monetary Fund (IMF). It accounts for the impact of productivity losses on GDP and public finance, but excludes losses to human life, infrastructure damage and business and foreign direct investment losses. The near 10 billion dollars shed by Egypt are divided among the $4.27 billion cost to GDP and $5.52 billion in lost public finances.
Ahmed Badawi

EBRD to start North Africa lending by mid-2012 - 0 views

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    The EBRD, an international lending institution which has focused on emerging European economies, announced last week that shareholder governments had backed the expansion of its mandate to North Africa. The bank is one of the tools the international community will use to supply aid to Arab governments and encourage them to pursue democratic reforms in the wake of this year's Arab Spring political unrest.
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.”
nohaelshoky

AUDITING PUBLIC DEBT MANAGEMENT: A PRACTICAL GUIDE - 0 views

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    Primarily intended users of the Guide are auditors and supreme audit institutions (SAIs) who possess little or no knowledge and experience of public debt auditing. SAI auditors who are completely new to public debt management auditing are advised to first build their understanding of the subject of public debt before using this guide. One option for this would be study the IDI's training materials on public debt management auditing. Auditors who already possess knowledge of public debt issues or who have experience in public debt auditing can use this guide to scope their public debt management audits and develop their audit work plans.
philip rizk

Why Iceland Should Be in the News, But Is Not | Truthout - 1 views

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    ""We were told that if we refused the international community's conditions, we would become the Cuba of the North. But if we had accepted, we would have become the Haiti of the North.""
nohaelshoky

Odious Debt: The Terms of the Debate - 0 views

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    PAPER: II. The Rule of Repayment in State and Government Succession III. Definitions of Odious Debt. IV. Odious Debt in the Sources of International Law
nohaelshoky

World Bank's current portfolio in Egypt | Bank Information Center: Monitoring the proje... - 1 views

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    BIC's MENA program has prepared a list of the projects that the World Bank is currently funding or preparing to fund in Egypt. The list provides a brief description of each project, in addition to an explanatory diagram that summarizes the World Bank's project cycles. An arabic version of the list will be published soon.
nohaelshoky

Opportunity - 3 day workshop with Platform and Live Art Development Agency - June 18, 2... - 0 views

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    Art-Oil-Numbers-Bodies-Love: Live Art Workshop on the Problems of the Oil Economy and Oil Sponsorship of the Arts with Nicole Garneau August 9-12, 2012 Art-Oil-Numbers-Bodies-Love is a 3-day intensive workshop in which participants will be encouraged to try different strategies for producing small solo and collaborative live art gestures or mini-performances on the subject of oil economies and oil sponsorship of art and culture.
nohaelshoky

CADTM - Tunisia: Call for the immediate suspension of debt repayment - 0 views

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    Tunisia urgently needs to marshal all of its financial resources to meet immediate needs, including extreme poverty, benefits for the unemployed, improving workers' material conditions, etc. Meanwhile, we're getting reports of foreign initiatives to develop an emergency "aid" package for Tunisia, including 17 million euros from the European Commission and 350,000 euros from the French state.
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.
philip rizk

The GOP Brotherhood of Egypt - Egypt - Salon.com - 1 views

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    ""The Brothers see this as a major source of its appeal among Western audiences," Hamid explains. "Most people think the Brothers would be aligned with a leftist interventionist approach to the economy. But after taking a second look, most investors find themselves pleasantly surprised when they find out otherwise." "
philip rizk

Jubilee Debt Campaign UK : Latest news : Nick Dearden blog from Athens Debt conference - 0 views

  • It was particularly relevant then that this morning's sessions, which focussed on lessons for Europe from the global South, looked in some detail as to how the 'Third World debt' crisis had been created and prolonged by all manner of 'bail-out' and restructuring packages. We heard from representatives from Peru, the Philippines, Brazil, Morocco, Argentina, and Zimbabwe (virtually), who showed how their debt crises were used to force detrimental policies on their countries by institutions like the International Monetary Fund, which set back their economies for decades.
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    "It was particularly relevant then that this morning's sessions, which focussed on lessons for Europe from the global South, looked in some detail as to how the 'Third World debt' crisis had been created and prolonged by all manner of 'bail-out' and restructuring packages. We heard from representatives from Peru, the Philippines, Brazil, Morocco, Argentina, and Zimbabwe (virtually), who showed how their debt crises were used to force detrimental policies on their countries by institutions like the International Monetary Fund, which set back their economies for decades. "
philip rizk

Global markets shaken by Greek debt crisis - Europe - Al Jazeera English - 0 views

  • The BBC reported that a leaked account of a meeting between EU commissioners on Wednesday suggested that the commissioners have a "profound sense of foreboding" about Greece and the future of the eurozone.
philip rizk

Greece Just Tip of Debt Crisis Iceberg: Roubini - CNBC - 0 views

shared by philip rizk on 28 Sep 11 - No Cached
  • There is a lot of talk about better regulation and supervision of the financial system but the financial industry is back to business as usual -- rebuilding leverage, engaging in prop trading and other risky behaviour, compensating bankers and traders with indecent bonuses -- and is lobbying against better regulation and supervision
nohaelshoky

Japan's Loan Helps Egypt Build 150 MW Solar Plant | Renewable Energy News Article - 0 views

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    Cairo, Egypt [RenewableEnergyAccess.com] Japan Bank for International Cooperation (JBIC) will loan 10,665 million yen [USD $90,000] to the Arab Republic of Egypt for materials, equipment and consulting necessary for the construction of a 150 MW integrated solar combined cycle power plant in the Kuraymat district, which is about 100 km south of Cairo.
nohaelshoky

JICA Press Release: Japanese ODA loan up to 38.864 billion - 0 views

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    1. On March 30, 2010, JICA (President: Sadako Ogata) signed an agreement with the government of the Arab Republic of Egypt for a Japanese ODA loan up to 38.864 billion yen for the Gulf of El Zayt Wind Power Plant Project. 2.
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