Canadian: IMF loan not solution in Egypt

Feb. 18, 2013 at 7:10 AM

CAIRO, Feb. 18 (UPI) -- A proposed International Monetary Fund loan to Egypt will not solve its economic problems, the president of a Canadian research center said.

Borrowing money is not necessarily what is needed to assist the Egyptian economy, David Malone, head of Canada's International Development Research Center, told Ahram Online on Sunday.

"International institutions cannot be a substitute for internal decision-making," said Malone, visiting in Cairo.

Malone made the comments in response to plans by the IMF to lend Egypt $4.8 billion to aid its economy. The Egyptian government views the loan as a vital move to boosting the country's financial system, the website said.

"The real issue is that economic management is missing from the political discourse; day-to-day politics seems to be the current priority," Malone said. "Egypt is in desperate need for economic management."

Malone's organization is planning to provide funds for a number of agricultural research programs and programs on creating jobs, environmental preservation and anti-sexual harassment awareness in Egypt, Ahram Online said.


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