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The IMF’s decision on the $12 billion loan to Egypt was not dela…

Posted on October 7, 2016July 20, 2023 by Shahid Bolsen

The IMF’s decision on the $12 billion loan to Egypt was not delayed because the government has not met the conditions yet. It does not have to meet the conditions before receiving the loan; it simply has to agree to them, and it should have demonstrated that it is taking concrete steps to meet the conditions. Well, the conditions were already negotiated and agreed upon, and the government has already taken several steps, which the IMF praises. The delay has nothing to do with failure to meet the conditions. And the reason is not because the IMF simply wants to make the decision at a meeting of the executive board instead of at the annual meeting; the loan decision was already scheduled for October 9th. This was not misreporting, it was not a mistake on the part of the international business press. No. The decision was delayed, and it was delayed because you made them delay it.

All of you, whoever you are, who sent messages to the IMF office, and to the offices of multinationals in Egypt (perhaps from those posted on this page); you did this. You few. Without a leader, without a party, without a group, without Gulf funding. You made the most powerful financial institution in the world flinch.

You terrified the regime to such an extent that they are hiring people now specifically to create fake accounts on social media to argue in favor of the loan, and to promote neoliberal policies. You have put them on the defensive in the most sensitive and vulnerable element of their power. They never had to justify or defend their economic policies before; they could always take it as a given that no one knew or understood or cared about these issues. You have changed that. This is a significant victory.

Now, the more serious work must be undertaken. You have pushed the loan decision back, but it wil still come. The IMF generally does not announce executive board meetings more than a week in advance, so we will not know the date for the decision until right before it happens. Therefore, there is no time to waste. Use the interim to flood the IMF with messages ( CJarvis@IMF.org ), and all the multinationals you have seen posted here, and through your own research; and as much as possible, try to organize real disruption on the ground to their profitability and operational efficiency.

You can get this deal cancelled, just as you were able to get it delayed. Allah support you!

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