Written by|Abeer Almadawy
It was not easy or simple as it seems for Egypt to Gain its loan from IMF…. but it faces tough challenges and Egypt were offset patiently work to confirm that they can overcome all obstacles…Some of these obstacles are internal and others are external pressure, including some of the fund itself. But Egypt preferred to take a loan than to be granted by a donator
- The first obstacle
It was one of the fund, who asked from Egypt to repay debts to oil companies so as to give confidence and that Egypt is a country that respects the conventions and can show the power of being to able to get a debt and to repay it in return.
Actually, there was no way in front of Egypt to win with the International Fund ,but through the payment of this debt and rescheduled it in the period of time and improve the image of Egypt with the oil companies, which deliberately disrupt the supply of petroleum substances to Egypt because of the deteriorating economy ,since the revolution of January 25.
- The second Obstacle “the goal of the loan”
Egypt’s goal was not to get money but to make it easier for her dealings with all countries that assisted in the major projects currently held by Egypt….
And also to have confidence in the financial performance and economic strength which enables management of the internal market and international transactions and mention here an important piece of information uttered by the official source we will be forced to withhold part of it
He said that Egypt has wanted a loan for the purpose of facilitating the many aid provided by a particular country … by obtaining the loan, it will contribute to accelerate the implementation of projects immediately. However Egypt realized that it must follow certain schedule of conditions was put by the IMF and it doesn’t appeal better for its internal situations
- The third obstacle ” partner who refused to grant Egypt the loan of IMF”
There’s who stood in front of Egypt’s loan and refused to support her with the ” IMF” …this country was Saudi Arabia …let’s confirm that this information is “under the responsibility of the source of the news “.
It said that Saudi Arabia stood against the decision of giving Egypt a financing loan of the IMF, but Russia and other countries, members of the Fund , supported the position of Egypt and carried out the recommended loan.
- The Fourth obstacle “the foreign reserves in Egypt’s Bank Center”
The International Fund imposed specific conditions on the Egyptian Central Bank…It was in the amount of the Foreign reserves… IMF asked from EGB before submitting the application , it must reach to a secured number to be eligible for the loan.
Egypt worked hardly to raise the level of foreign reserves at the same time , the country entered a malicious conspiracy of its kind to withdraw the foreign currency from investors and individuals, which exposed the country’s violent jolt with the dollar and the manipulation of the black market, who raised its price!
Thus Egypt was forced to borrow up and reach with its foreign reserves to the limit that can win the Fund.
Here is noteworthy that Egypt’s success in obtaining these loans with the support of number of ministers such as the minister of International cooperation led by Sahr Nasr Ministry of Finance, led by Omar Garhi, the Central Bank of Egypt led by Tarek Amer … and of course the Prime Minister and President Abdel Fattah al-Sisi were behind achieving the goal of the stability and development by taking hard and brave decisions such as the pound’s Flotation.