Egypt is ready to receive 12 billion loan to help its drowning economy - IMF
Tigrai Online, January. 19, 2016
Egypt is on track to receive the second tranche of a $12 billion three-year loan from the International Monetary Fund pending a visit in the end of February to review progress on its economic reform programme, the Fund said on Wednesday.
"Although (economic indicators) for December have not been published yet, early indications are that the benchmarks for the next tranche of the loan are likely to be met," IMF Mission Chief for Egypt Chris Jarvis said at a news conference.
Meanwhile Egypt’s foreign debt is expected to reach $102 billion after the $12 billion IMF loan implementation of reforms says the IMF which is about 25 percent of the Egyptian total GDP. The same IMF report indicates Egypt’s foreign currency need will be short by $35 billion. It means Egyptian real revenue will be short by $35 billion from what the country’s economy needs to function.
Despite this dire economic situation, the Egyptian government is willing to squander millions of dollars to support Ethiopian rebel groups through the one man regime in Eritrea. Talk about misguided priority in country which produces little and very limited natural resources.
When was the last time you heard the IMF lending one billion dollars to Ethiopia or any other country in Sub Saharan Africa? Imagine if Ethiopia could receive $12 billion loan from the IMF or the other international financial institutions. The Ethiopian economy can blast off with 15% growth and the country might reach its goal of middle income country in a very short time. You can rest assured the IMF would not loan Ethiopia that kind of money because they don’t want to see a black nation to reach where they are. They know they can’t stop Ethiopia, but they can slow its speed. That is the main reason they refused to grant Ethiopia the loans needed to complete some of its mega projects like the GERED.
For the same exact reason the Westerners are trying their best to stop the Chinese from helping the African nations to help themselves without interfering in their internal political affairs. The same reason they let the Ethipian terrorist mad dogs run wild in London and Washington DC.