Egypt drops plans for IMF loan amid popular distrust

Egypt has dropped plans to seek loans from the International Monetary Fund and World Bank, Finance Minister Samir Radwan has said. The move comes after the planned deficit in the 2011-12 budget was revised down from 11% to 8.6% of GDP, Mr Radwan told Reuters news agency. An adviser told AFP news agency the decision had been partly a response to the "pressure of public opinion".

BBC News


Iceland, now Eqypt, and nearly Greece. It seems people are finaly understanding the "criminal" like deals that the IMF are trying to put through certain countries. Lucky for the Egyptian people, they're government listen to them, unlike Greece.

reply to post by Trolloks


I thought we were done teaching them a lesson but apparently not. They will submit and they will become a debtor nation.

Hey I heard they were raping women and killing children, didn't you? Shouldn't we do something about that? Plus have you heard how many Al Queda are taking power?

Great to see another country standing up to the "International Mafia Ferderation." I wish we were as wise....

Originally posted by Trolloks


Iceland, now Eqypt, and nearly Greece. It seems people are finaly understanding the "criminal" like deals that the IMF are trying to put through certain countries. Lucky for the Egyptian people, they're government listen to them, unlike Greece.

It is often the case that people mis-interpret events and project their own thoughts and hopes onto others actions.

People are protesting IMF loans because the IMF is requiring massive cuts to country's receiving the loans, not because they distrust the IMF. They just dont want to give up their corrupted government entitlements.

Originally posted by TheRealTruth84
Great to see another country standing up to the "International Mafia Ferderation." I wish we were as wise....

If the 'we' you are referring to is the US or the UK, then 'we' run it. 'We' dont need to stand up to them.

Hell, the US just likely framed up the former managing director of the IMF to ensure the US dollar remains the currency of choice for IMF loans.

The Egyptian military?