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Egypt secures $4.8 Billion IMF loan but no relief for Egypt's poor

These days the conflict between the neighbouring Gaza Strip and Israel is the preoccupation in Egypt. But Egypt's domestic problems are roiling. With 2 out of 5 Egyptians living in poverty and a loan from the International Monetary Fund on its way, we discuss whether the money will help those who most need it....
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The Current27:28Egypt secures $4.8 Billion IMF loan but no relief for Egypt's poor
These days the conflict between the neighbouring Gaza Strip and Israel is the preoccupation in Egypt. But Egypt's domestic problems are roiling. With 2 out of 5 Egyptians living in poverty and a loan from the International Monetary Fund on its way, we discuss whether the money will help those who most need it.


Egypt secures $4.8 Billion IMF loan but no relief for Egypt's poor - Oxfam

Egypt has its hands full this week trying to broker a cease fire between Israel and Hamas militants in Gaza. The two sides have exchanged fire with lethal results. 100 Palestinians are dead and more than 200 wounded. 3 Israelis have been killed and dozens have been injured.

It's no secret where Egyptian sympathies lie, but very few Egyptians want confrontation -- they have lots of problems of their own. Egypt's middle class has almost disappeared. There are some very rich Egyptians, but they're more typically like Ramadan who makes a living grilling corn on a Cairo street corner. It's not much of a living. We aired a clip.

Near that Cairo street corner, Zainab has a small stall where she sells fabrics and galabeyas... traditional Egyptian robes. There is no safety net for her to fall on. We aired a clip.

80 million people in Egypt - and about forty per cent of them live below the poverty line. And just this morning, Egypt has announced it has reached a preliminary agreement on a 4.8 billion-dollar loan from the International Monetary Fund, or IMF. Some doubt it will make much difference to Egypt's poor.

Adam Taylor-Awny is Oxfam's Associate Country Director for Egypt. He was in Cairo.

Egypt secures $4.8 Billion IMF loan but no relief for Egypt's poor - Panel

Last week, a group of about 300 demonstrators marched from the Egyptian Stock Exchange in Cairo to the offices of the Egyptian Cabinet to protest the loan negotiations with the IMF. Ahmad Shokr joined them. He's a founding member of the Campaign to Drop Egypt's debt, one of the 17 groups who wrote to the IMF and Egypt's Prime Minister urging them to freeze negotiations on an IMF loan. Ahmad Shokr was in our Cairo studio today.

And Magda Kandil is the Executive Director of the Egyptian Center for Economic Studies - and she takes a very different view on what the impact of $4.8 billion dollars could be for Egypt. Magda Kandil was in our Washington studio this morning.

This segment was produced by The Current's Pacinthe Mattar.

Last Word - Female Orgasmic Disorder Promo

Coming up tomorrow on The Current we'll hear about the controversy surrounding a new drug called Tefina. Although its still years away from the market, it's likely you'll be hearing a lot about it because of the condition its designed to treat -- Female Orgasmic Disorder (PDF) . If you've never heard of FOD, it's because some doctors don't even think its real. You're likely beginning to understand why the drug and disorder are so controversial.

For today's Last Word, a little of tomorrow's interview with Dr. Susan Davis who is leading the Tefina trials in Australia.


Other segment from today's show:

Study links workplace toxins to breast cancer

Are Social Impact Bonds a good way to invest in public services?

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