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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