A man walks past a poster showing a US dollar outside an exchange office in Cairo, Egypt, Wednesday, Aug. 17, 2016. (AP Photo/Amr Nabil)
Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
The reforms are part of a program to cut the budget deficit and rebalance currency markets promised to the International Monetary Fund (IMF) to secure $12 billion of lending over three years.Though Egypt has returned to the IMF virtually every decade since the 1970s, implementation of reforms has been mixed. Many Egyptians are uneasy with a program they see as being foreign imposed and are convinced it will hurt all but the richest. More recently, Egypt negotiated two IMF deals that were never finalized, including a $4.8 billion loan initially agreed in 2012 . Electricity prices were raised by 20-40 percent this month under a five-year program that will see power subsidies gradually eliminated.A group of socialist parties have issued a statement rejecting the IMF deal they say saddles Egypt with more debt and leaves it beholden to foreign entities.The first $2.5 billion IMF payment is not linked to specific measures but subsequent installments are.
FOLLOW THIS ARTICLE