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Do not imagine that the IMF delayed the approval of the $12 bill…

Posted on October 27, 2016 by Shahid Bolsen

Do not imagine that the IMF delayed the approval of the $12 billion loan to Egypt because all of the required policy reforms have not been implemented yet.

Only roughly 10 days before their annual meeting, the IMF announced that they would issue their decision about the loan. When they announced this, the reforms had not all been implemented, and no one expected them to be implemented within 10 days; yet they were prepared to approve the loan at that time.

Furthermore, the complete implementation of the reforms has never been a prerequisite for the IMF to release funds; all that is required is for the client government to agree to the terms, and to make concrete steps towards implementation. The regime has done that, and more.

No. The loan was delayed because the IMF became concerned that public backlash will make it impossible to implement the stipulated Austerity measures; you caused their concern, and you caused the delay. There can be no doubt about this. And now it is upon you to prove to them that the concerns are justified. You have to prove to them that, yes, it WILL be impossible to implement the Austerity measures, because, yes, the public backlash will be devastating to profitability of the multinational corporations the IMF serves.

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onthishillwedie avatar; On This Hill We Die 🔥 @onthishillwedie ·
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.@ShahidkBolsen remind us that the world has not got worse, it's just that the evil is now at your doorstep instead of a far away land.

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