Egypt’s Finance Ministry Backpedals on IMF

Posted on July 20, 2011


I may not be brilliant, nor even very well educated. Indeed, even I don’t know how deep some of my pockets of ignorance may go.

But I do know how to spot sh!@ from shinola. Three weeks ago, soon after the Egyptian Finance Ministry claimed that it would reject the IMF’s three billion odd loan, half-backpedaling the next day, before forward pedaling again the next, I wrote:

[…] I think it’s still early to tell whether or not the Egyptian government is serious about this new non-Bretton Woods tack […]

Guess what? From Masry Alyoum:

Egypt’s finance minister-designate told Reuters on Tuesday […]

Hazem el-Beblawi, who has yet to take the oath of office, said he did not rule out the possibility of borrowing from the International Monetary Fund, after his predecessor negotiated a US$3 billion loan package that Cairo later turned down.


Asked if he would return to the IMF, Beblawi said he did “not rule out any possibility”.


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