Egypt opposition urges rejection of IMF loan

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

    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.

    SOURCE: Al Jazeera


    YOU MIGHT ALSO LIKE

    Lost childhoods: Nigeria's fear of 'witchcraft' ruins young lives

    Lost childhoods: Nigeria's fear of 'witchcraft' ruins young lives

    Many Pentecostal churches in the Niger Delta offer to deliver people from witchcraft and possession - albeit for a fee.

    The priceless racism of the Duke of Edinburgh

    The priceless racism of the Duke of Edinburgh

    Prince Philip has done the world an extraordinary service by exposing the racist hypocrisy of "Western civilisation".

    Why a hipster, vegan, green tech economy is not sustainable

    Why a hipster, vegan, green tech economy is not sustainable

    Improving eco-efficiency within a capitalist growth-oriented system will not save the environment.