Thursday April 11, 2013

I've Been Thinking:

Qatar just promised to give Egypt another $3 billion. That is on top of the $5 billion that they already gave. Libya also promised to give $2 billion in support.

Egypt is in bad need of cash.

The Egyptian economy is failing. The IMF is in negotiations with Egypt about creating important economic guidelines in order to make them eligible for an IMF loan of $4.8 billion. The economy cannot grow without the money. They need it to create new industry, new jobs and to stimulate new investments.

But despite the effort to help them, Egyptians harbor real resentment toward the IMF and toward the demands they are making in order to receive the loan. Egypt does not want to put the safeguards and processes that the IMF is suggesting into place. And the Islamic parties do want Egypt to take a loan outside of Sharia, Islamic law.

The money from Qatar and Libya is critical, Egypt needs a back up in case, in the end, they do not receive the IMF money.

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