Egypt's Socialist party to protest IMF loan

Published April 3rd, 2013 - 09:34 GMT
Protests are planned against the loan Egypt is seeking from the IMF
Protests are planned against the loan Egypt is seeking from the IMF

The Socialist Popular Alliance Party will participate in Wednesday's protests against the loan Egypt is seeking from the International Monetary Fund (IMF).

Several popular powers had called for protests to express their rejection for the $4.8 billion loan Egypt is striving for.

A delegation from the fund is expected to arrive in Egypt on Wednesday for talks with the government on reviewing the country's need for funds.

Egypt and the IMF had reached a preliminary agreement last November but the process was put on hold due to domestic political turmoil.

In a statement it issued today, the party reaffirmed its rejection for the economic policies of Prime Minister Hisham Kandil's cabinet.

The party claimed that these policies lead to Egypt's economy being a satellite of Western international funding institutions, chief among them the IMF which is known for laying the burden of the crisis on the poor, the Middle East News Agency reported.

The party also added that it previously warned against the risk of the government's resorting to borrowing from the IMF.

In conjunction with the arrival of the IMF delegation for negotiations, the Ministry of Supply raised on Monday the prices of subsidized cooking gas by 60 percent, the statement said.

The Muslim Brotherhood's government insists on following the same economic policies used during Mubarak's era, the party added.

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