Radio program host Dina Abdel Fattah has announced that the government has already signed for loans with international institutions before the new Parliament is to convene for the first time.
Fattah said the government intends to use these loans to bridge the budget deficit without putting pressure on the public debt, though she believes short-term, six-month treasury bills could just as easily offset the deficit.
She said a loan was signed with the World Bank for US$3 billion and another was signed with the African Development Bank for $1.5 billion, which puts Egypt at the mercy of these two institutions, the latter which will have the right to review and modify Egypt’s development plans.
Edited translation from Al-Masry Al-Youm
