• 15:09
  • Friday ,12 August 2016
العربية

Does Egypt need the IMF?

Magdy Malak

Article Of The Day

23:08

Saturday ,13 August 2016

Does Egypt need the IMF?

Lately there was a lot of argument about if Egypt in need to the IMF Loan or not. In fact people and media was arguing about this issue although they know how is the economic situation especially this time where is no tourism and where is no enough US Dollar which is the main currency for importing Egyptian’s need. 

Unfortunately, some media is trying only to attack any step done to improve the economic situation without any reviewing to the current situation and what does Egypt need in this critical time. 
 
May be someone ask what will the IMF Loan do? Or Is it necessary to take that loan? Definitely Egyptians has the right to ask such questions, however, I can say that the media doesn’t say the truth about why Egypt needs this loan.
 
What the media say is that Egypt needs this loan to get more trust from the international investor. In fact this is not the right reason from my view. I believe that the loan is because Egypt needs the US dollar.
 
We have to stop deceiving the Egyptian by telling them wrong information. If Britain stopped the tourists from coming to Egypt and the same Russia did, how do we imagine that a loan will push the investors to come to Egypt and invest? 
In conclusion, I want to assure that we shouldn’t be ashamed of the facts but be ashamed of lying on Egyptians and telling them illusions.