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Political parties, figures sign petition asking Al-Sisi to suspend IMF loan - Daily News Egypt

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Political parties, figures sign petition asking Al-Sisi to suspend IMF loan

Signatories of the letter view the IMF loan as a “demolition tool” to the economy

Several political entities, parties, and figures sent a signed petition to President Abdel Fattah Al-Sisi to express their concerns regarding the IMF loan to Egypt and recent harsh economic measures taken against citizens.

Among the political parties that signed the petition are the Popular Alliance Party, the Dignity Party (El Karma), and the Popular Current Movement. The petition addressed direct criticism of the current government for taking the decision without opening real discussion with the Egyptian people or representatives in the parliament or civil society organisations.

“The current government is continuing a devaluation operation against the Egyptian pound according to IMF conditions. It will further sell public assets like banks and other successful firms, and this will negatively affect the economic situation and increase the size of foreign debt to unprecedented levels,” the petition read.

The petition described the IMF loan to Egypt as a repetition of earlier, unsuccessful experiences similar to several countries, such as Greece and Mexico where an IMF loan contributed to increasing poverty and creating more economic crises.

Signatories of the petition are asking Al-Sisi to not accept the IMF loan as it will lead the country into a “debt trap” and will lead to dependent political leadership.

The petition asserted that the only solution to the current economic crisis should be the suspension of the IMF loan and the creation of a new strategy through which the government will increase national industry, suspend the privatisation of firms, and apply social justice policies by lowering the excessive salaries of high-ranking officials in the government.

The signatories also asked Al-Sisi to quickly release all detained figures over charges related to freedom of expression, arguing that this measure will facilitate opening a new arena for real political work and democratic atmosphere.


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