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Egypt opposition urges rejection of IMF loan

Critics say loan terms, including removal of subsidies from key commodities, would hit the poor hardest.

Last Modified: 30 Apr 2013 21:05
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Opposition leaders in Egypt say the government should reject a $4.8bn loan from the International Monetary Fund.

They say the deal would come with IMF conditions, including the removal of government subsidies from key commodities including cooking gas, electricity and petrol, that would result in major price increases.

Supporters of the deal think it will stabilise Egypt's struggling economy and attract more foreign investment.

But opponents say the terms of the loan, which could also include tax hikes, would hit the poor hardest.

Al Jazeera's Anita McNaught reports from Cairo.

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Source:
Al Jazeera
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