Egypt declines World Bank loan as incompatible with national interest

Egypt declines World Bank loan as incompatible with national interest

www.almasryalyoum.com

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.

(visit the link for the full news article)

For me, this touches on the biggest conspiracy of them all, the subtle take-over of sovereign countries by the members of the international banking cartel (i.e. the World Bank and the IMF).

It is done by them imposing austerity measures and obligating countries to sell-off their national wealth to external private sources in exchange for eternal indebtedness to them.

Sound like a bad idea?

Well, it would seem that Naga has called them on it, let us see how long they can hold off the "jackals"?

the Billmeister

www.almasryalyoum.com
(visit the link for the full news article)

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.

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.

This has the potential for some very interesting outcomes, from a legal stand-point.

If, in fact, "dictating conditions for loans" can be considered "violating a country's sovereignty" then does that country have a right to pro-actively defend itself from this hostile action?

Of course, the same people who control the world's finances also determine international law, and to whom it should and should not apply, so the likelihood of anything coming from this is very slim.

That said, if more countries have government agents who actually take the side of their citizens as opposed to the international banking cabal, perhaps some positive change can occur.
N.B. I will not be holding my breath!

the Billmeister

Its members like you OP that regains my faith in this site. Well done and thank you for bringing this to our attention, there is so much going on at the moment in regards to the World Bank and IMF. Its hard to keep up. One things for sure we are all in for a bumpy ride. Lets hope Greece and Portugal both follow suit!

Roll on the revolution

Wow... this is a striking move by Egypt's executive administration.

Not many countries can easily survive refusing a Central Bank "offer you can't refuse."

In the olden days after such refusals one might see sudden war, civil strife, economic sabotage, political upheavals, and all other forms of interestingly timed 'occurrences' ....

Of course, the Central bank masters (the World Bank, WTO, IMF, and ISB) have the UN to help them now.....

reply to post by wcitizen


Yes, but unfortunately for the Greek people, Papandreou has just won the confidence vote he needed to remain in parliament so he can continue to bow down to the financial institutions and sell off any and all sovereign wealth before the inevitable default.

The Greek people, however, seem to be aware of "the game" and the opposition parties are even openly accusing the party in power of being an "agent for foreign institutions working against the interest of Greece".

Again, not sure how much real change this will bring, but it would seem that people are catching on to the huge con-job that is at the source of World Bank and IMF loans and their attached conditions.

the Billmeister

Well said OP completely agree, theyve just got rid of one dictator, and refusing to let the banking dictatorship the west lives under take control shows alot of guts by the egyptians.

reply to post by Maxmars


I agree... pretty much all of South America and South-East Asia would confirm your assertion.

Perhaps a new "no-fly zone" will be declared above the Minister's home, and a few "preventive" drone "interventions" will make sure any and all opposition to their "suggested conditional loans" will be removed.

the Billmeister

Economic Hitman reveals shocking truths about the Government and IMF, world bank.
Jackals indeed....

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.

It may be a preliminary for more military actions.

the Egyptian "revolution" failed to destroy the infrastructures.

TPTB need to devastate everything, and then a loan would be larger and longer.

they want total control.

they are using "incompatible with the national interest" as a delay tactic......and i thought "interest" on loans was forbidden with Islamic beliefs ??? so why even are they suggesting that ?

the military forces are spread too thin....a delay is warranted.

If Egypt keeps saying no to the bankers, they will end up with a NATO invasion.

Hope they are playing their cards right.

reply to post by NuclearPaul


Egypt knows exactly what they are doing and NATO would never dare try any invasion in to Egypt for a number of reasons.

Way to go, Egypt!!!

Originally posted by bluemirage5
reply to post by NuclearPaul

 

Egypt knows exactly what they are doing and NATO would never dare try any invasion in to Egypt for a number of reasons.

Way to go, Egypt!!!

to close to Israel perhaps ?

what other reasons....?

I hope the Egyptians are way too clever to be manipulated into giving their wealth away and becoming economic slaves to the bankers and their minions the Corporations. I do feel for them though because the Crossing into Gaza being open is not to everyone's taste and I wonder if extra pressure will be put upon them.

I did wonder a bit about the guy on the video about Economic Hitmen. He focused culpability purely onto the Corporations. But once again, who finances the Corportions in the first place - the Bankers who he neglected to bring up. Nice take on Saudi, Sadam and WMD did our Tony know all this at the time, of course he did. Also is it alright for someone to own up to political assassination? Do we just let it go over our heads all the time and is it the way we want to be governed.

Provided the Egyptians don't take to the streets and allow the CIA to run amok making it look to the media that the country is fast falling into civil war they will be alright.

I'm sorry to say, but it appears to have been a misquote or statement "taken out of context."

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.

english.ahram.org.eg... ource=twitterfeed&utm_medium=twitter

I had hoped as well that Egypt would not take IMF's iniquitous loans. Unfortunately, IMF sort of owns the world.

www.imf.org...

peace

reply to post by Gutterpus


Thanks for the update, though it is very unfortunate for the Egyptian people, I was optimistic for about... 2 hours!?!

Who and what to believe?

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.

or...

World Bank loans are notoriously perceived to come with a baggage of associated economic policies, generally favouring free market practices over social benefits.

Quotes from Gutterpus' original source.

Please note that "free market" means that countries are "free" to give up their national resources and wealth to external private hands to be paid by the citizen tax-payer.

the Billmeister

reply to post by Billmeister


Yes, it's a sad state of affairs. This is just going to keep happening over and over again to any country who fights for their freedom. The IMF is way too strong for countries seeking freedom to be able to stop.

reply to post by Billmeister


All of this is avoidable by simple fiscal responsibility and not spending beyond a countries means. Why is this so difficult in this day and age?

If Eqypt does not want to borrow money on terms unacceptable to them, they dont have to. The IMF is not holding a gun to anyones head. I dont understand the anger directed at them over matters like these. There are many things wrong with the IMF, but offering loans in an of themselves are not wrong.

Balance your budget, and you will never have to borrow money. I would suspect Eqypt is to blame. They want to increase military spending, and as a result are forced to run a deficit budget. Time and time again this is the case, and the IMF gets the bad rap.

If you take out a mortgage on a home, are you not expected, and rightly so, to pay interest and make payments on time?

reply to post by Billmeister


*Gasp!*

Heaven forbid the loaning party might dictate the conditions! Lets change this, and let the loanees dictate them, shall we?

Maybe it would be better for all countries accepting loans because they are not responsible enough to balance their budgets to make the rules. They can tell who is lending them what terms are acceptable to THEM and the loaning party has no choice in the matter. Maybe 0% interest with an option to default at anytime with no penalties would be more palatable to them?

If "dictating terms of the agreement" is tantamount to aggression as you state, perhaps i should be allowed to assault my mortgage agent when he tells me i must pay 3.2% on my home purchase if i disagree?

Who needs fiscal responsiblitly anymore in this day and age. This is the attitude that is driving the decline of our current civilization. People feel just in their beliefs that they should be entitled to more than what they earn, then when someone dares ask for repayment, they feel slightled.