IMF loans are usury, says Salafi party
Featured
Meteorologists project the beginning of a heat wave on Thursday, with temperatures expected to rise by eight to nine...
Egyptian President Mohamed Morsy has called on political powers and Egyptians to engage in dialogue and on militants...
The H7N9 virus appears to have been brought under control in China largely due to restrictions at bird markets,...
Sinai kidnapping crisis continues to generate headlines in both Wednesday’s state-owned and independent dailies...
The Rafah border crossing between Egypt and the Gaza Strip reopened on Wednesday morning after five days of closure,...
Power went out more than once at the Cairo International Airport on Wednesday, causing some X-ray machines to go out of...
IMF loans are usury, says Salafi party
On
Thu, 19/01/2012 - 18:08
The Salafi Nour Party has criticized the government for plans to borrow from international financial institutions rather than implementing an austerity plan.
“We are against usurious deals,” said party spokesperson Mohamed Nour. “Before borrowing, we should know where we stand financially,” he added, pointing out that there are some LE1 trillion in the private funds of government institutions, in addition to the money that was siphoned abroad by the former regime.
Nour also said that if Egypt borrows the US$3.2 billion loan that it is negotiating with the International Monetary Fund (IMF), the interim government of Prime Minister Kamal al-Ganzouri will have to stay on until the budget deficit recovers, which means it would burden the next government with the interest of the loan.
“Why borrow if we have money?” Nour wondered. “And if we don’t have it, where did it go?”
“European banks lend in accordance with the Islamic Sharia,” Nour claimed. “Why don’t we borrow from them?”
Translated from Al-Masry Al-Youm
opinion
On 6 April, security forces clashed with hundreds of protesters, most of them from the April 6 Youth Movement, during a...
Protesters block traffic in Tahrir Square, after Security forces re-opened it, and removed barbed wires, and iron...
*Entertainment*
Eeny, meeny, miny, moe,
You're the infidel of them all. Now get out!