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Kudos to Egypt for Ditching the IMF

From the beginning of the Arab Spring revolts, many progressive commentators have expressed concern that people in countries such as Egypt and Tunisia might win greater political freedoms but would have their nations' economic policies hijacked by the international financial institutions.
to read Mark Engler's article published in: Dissent Magazine July 11, 2011, click on


homepage: homepage: http://www.dissentmagazine.org
address: address: http://kickitover.org

Not exactly.... 14.Jul.2011 11:48


Sorry Mark, that's not exactly correct. The "IMF" may not be giving money directly, but the tentacles of the IMF and its subsidiaries are everywhere. Egypt is not "ditching" the IMF.

The Overseas Private Investment Corporation (OPIC), a US Government institution and US funnel of the IMF, is providing $500 million dollars of aid to Egypt and Jordan, as reported in the Business Journals last week (  link to www.bizjournals.com ). USAID is also involved. The CEO of OPIC is Elizabeth Littlefield, a former director at the World Bank.

Total pledges by the United States government alone are at least $2 billion, with some reporting being as high as $20 from the US alone.

These groups are making an overt statement of support, you can only imagine what private support is also being provided. The number of loans provide by Bank of America to Egypt? We will never know, but they're certainly making deals. Is Bank of America a part of the IMF? Yes.

The nations around the world are in a land grab over Egypt. Germany, China, Saudi Arabia, Israel, Qatar, Iran, Russia, and probably every single country that participates in the global economy is trying to buy parts of Egypt by financing industry. Egypt does not have the capability to build a self-sustaining economy without foreign investment, and the biggest coffers are coming from the West. Supposing the people of Egypt do "ditch" the IMF, they are not going to rebuild their industrial base; at best they will be ignored on the world stage, at worse outside investments over power the capability for the people to sustain their own government. So, what nation would be best for the Egyptian people to go to for a loan?