The government has declined a loan from the World Bank because it found the terms of the loan incompatible with the national interest, Egyptian Minister of Planning and International Cooperation Fayza Abul Naga said on Monday.
The minister added that the government would not accept conditions dictated by the World Bank or the International Monetary Fund, especially since the 18-day uprising that toppled former President Hosni Mubarak.
In much the same way King Abdullah of Jordan angrily denounced the Iraq War publicly while enthusiastically supporting it privately, the Mubarak-regime-sans-Mubarak in Egypt is now feigning hostility to international capital when in fact they are an agent of it.
Last week, The Wall Street Journal said Egypt was wary of the United States’ recent offer of financial support, doubting possible ulterior motives behind it.
It also said Abul Naga had lodged a complaint with the US Embassy in Egypt, and warned of violating Egypt’s sovereignty by dictating conditions for loans. The complaint came in response to an announcement by the United States Agency for International Development that it would grant Egypt US$165 million to finance projects for education, civic activities and human rights.
The regime's hold on power is for the moment secure but precarious nonetheless. They are doing everything within their means to suppress the revolution, and an essential part of that effort is effective PR. The principal deception is that the military cabal is the revolution, that they represent a break with the past. The maintenance of this delusion is necessary for its survival, and more generally for the defeat of the revolutionary movement and the hegemony of the ruling class in Egypt.
The idea that the ruling junta is at cross-swords with international capital and is unwilling to take their money is a grotesque lie. One made all the more odious by the fact that they have already taken pyramid-sized loans from various branches of the global money network, including the IMF. I guess they meant they refused to take anymore.
For a more detailed account of the largess the cabal has received from its corporate patrons, follow this link: