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The government has declined a loan from the World Bank because it found the terms of the loan incompatible with the national interest, Egyptian Minister of Planning and International Cooperation Fayza Abul Naga said on Monday.
It also said Abul Naga had lodged a complaint with the US Embassy in Egypt, and warned of violating Egypt’s sovereignty by dictating conditions for loans. The complaint came in response to an announcement by the United States Agency for International Development that it would grant Egypt US$165 million to finance projects for education, civic activities and human rights.
Originally posted by wcitizen
I totally and completely agree with you. It's happening in Greece right now.
Way to go to Egypt for saying no. What happens next needs to be watched closely.
The ministry of finance also provided Ahram Online with a letter dated 2 May 2011 from Mrs. Aboul Naga addressing the World Bank's Country Development Director, confirming the extension of a World Bank loan amounting to US$2.2 billion for budget support.
For their part, as a reaction to what was published today about Egypt declining their loans due to unfavourable conditions, the World Bank issued a press release that implied that the loan has not been cancelled and that the World Bank does not grant conditional assistance.
World Bank loans are notoriously perceived to come with a baggage of associated economic policies, generally favouring free market practices over social benefits.