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| Egypt Revolution - Wiki Commons |
IPS
CAIRO - Egypt has cancelled plans to borrow 3 billion dollars from the International Monetary Fund because of conditions that violated the country’s national sovereignty and a public outcry that warned against terms that were blamed for impoverishing many Egyptians.
According to several Egyptian newspapers, General Sameh Sadeq, member of the country’s ruling military council, said the country turned down the loans, and those under discussion with the World Bank, because there were "five conditions that totally went against the principles of national sovereignty." Gen. Sadeq didn’t detail what these conditions were.
The IMF loan would have made Egypt the first recipient of funding in the Middle East since the so-called Arab Spring movement against Western-backed dictatorships began late last year.
