International Monetary Fund Urged to Prioritise Economic & Social Rights in Egypt Loan Talks

We join seven human rights groups in calling on the International Monetary Fund (IMF) to ensure the economic and social rights and transparency to the military’s growing role in the economy in any new loan talks with Egypt.

Due to the ongoing Russia-Ukraine war, food prices had hit record high as Egypt relies heavily on wheat and sunflower oil imports from Ukraine and Russia.

The rising of food prices (20%) pushed Egyptian inflation to a 10% annual rate last February.

IMF lending will basically lead to more emphasis on tax progressively, less government support to essential commodities, and an existential threat to the Egyptian living conditions.

Around 30% of the population (103 million) lived below the national poverty line even before the crisis, while 30 million others suffer precarious living conditions (according to IMF survey results).

This growing military role in the economy came in parallel with the increasing political repression that targeted private businessmen and their assets under flimsy pretexts.

In addition to supporting the poor segment of the society, we also call to extend private-sector businesses that was obviously decreased over the past four years in profit of military-owned businesses. The government has consistently undermined the independence of its anti-corruption agencies, and has not implemented the anti-corruption laws.

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