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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Left Turn: "trusteeship" of the International Monetary Fund!

    Rocky
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    Left Turn: "trusteeship" of the International Monetary Fund! Empty Left Turn: "trusteeship" of the International Monetary Fund!

    Post by Rocky Wed 03 Aug 2016, 3:37 am

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    Left Turn: "trusteeship" of the International Monetary Fund!


     Hussein Abdel Razek 

    Began last Saturday in Cairo , the Egyptian government 's negotiations with the IMF mission, which lasts for two weeks, to get a loan of $ 12 billion over three years (four billion each year) .. According to official sources , this loan is "part of the new financing package external loans by about $ 21 billion , " the Egyptian government is trying to get them to " strengthen foreign exchange resources, " the implementation of theEgyptian program of economic reform , which is an important part of the " Egypt 's vision 2030 "approved by the House of Representatives. The 
    government offers its program of economic reform as an economic crisis panacea facing Egypt for nearly five years, which has led to high rates of poverty, which amounted to 27% of the population can not meet theirbasic needs of food, clothing, and high unemployment rates to an unprecedented level, reaching in the third quarter of 2015 - according data Central Agency for Public mobilization and Statistics - to about 12.8% of thetotal number of unemployed about 3.6 million people, and the collapse of the value of the pound , " thenational currency , " where he arrived the dollar in the parallel market to more than 13 pounds before falling back to below the 12.5 pounds (official price 8.8 pounds), and decreased the reserve balances of the foreign currency at the Central Bank of $ 36 billion during the revolution of January 25, 2011 to reach 17 billion dollars , "less than half" by the end of April 2016, which is sufficient only to provide Egypt 's imports strategy for 3 months. 
    The increased debt the outside at the end of March 2016 to 53.4 billion dollars at the rate of 11.2% compared to $ 48.1 billion at the end of June 2015, an increase of $ 5.4 billion, rising domestic debt to nearly 2.5 trillion pounds, the total debt accounts for about 99% of GDP , according to data Central Bank, and 104% , according to data from the Central Agency for public mobilization and Statistics. 
    In an attempt to fool the public opinion , the government announced that the agreement with theinternational Monetary Fund will not affect in any way the low - income groups and social strata with lower income, and will not address the talks to the subject of reducing the pound, and the elimination of subsidies to supply commodities or oil "is out of the question , " asserting that the economic reform program that aims to improve the citizens ' living standards and raise the economic growth rates of between 5% and 7% annually levels over the next five years, as well as reduce the state budget deficit to less than 10%, and toattract foreign direct investment of about 9 billion dollars in the coming period "contribute to bridge thefinancing gap plaguing Egypt." 
    The look Trick clear when successive governments ' policies have fallen during the past four years and thelegislation of the current government before the start of negotiations with the IMF have been commitment agenda and conditions of the international Monetary Fund and applied literally, in particular " with regard toreducing spending, and the elimination of the so - called energy subsidies, reduction of government jobs, and the completion of the privatization program, general and special conditions , including the so- called environment for investment and to reduce the creation of taxes on investors," In recent months thegovernment has resorted to ask some public sector companies and the banks ' assets in the capital market, and the passage of the civil Service Law, and the preparation of a draft law "VAT", which experts warned of the negative its effects, particularly the face of a new inflationary wave, any new rise in prices of all goods and services! 
    Attention economic researcher prestigious "Abdel Khalek Farouk" that these policies are in fact " theimpoverishment of the policy , " and that the most dangerous thing would have on the signing of the loan agreement with the international Monetary Fund, is to put " the Egyptian economy under the direct tutelage of the international Monetary Fund over the years the agreement, and will not fund distract any slice of the loan every three months , but after reviewing the experts Fund and the staff of all the procedures and policies andgovernment decisions in implementation of the program during the funding period. " 
    It seems that the existing rule in Egypt is unable to absorb the lesson the past years since Egypt began in 1974 , the application of prescription Monetary Fund and the World Bank adopted by the sector Tufali of parasitic capitalism, a predominantly sector in the Egyptian capital, and led to the decline and then development stopped and rising poverty, unemployment and widespread corruption ratios, and was one of thecauses of the January 25 revolution, is still sticked rule these failed policies, betting on what designated by"businessmen" of the capitalists parasites who do not contribute to the industrial and agricultural production, and the capitalist foreign invest only in the services and trade, ignoring the insistence that every successful development experiences in the third world has relied on the state 's role in the investment and the provision of basic services in addition to the role of local and foreign private sector.
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