Drop Egypt’s Debt
Website : www.dropegyptsdebt.org
Facebook : www.facebook.com/DropEgyptsDebt
Twitter : @DropEgyptsDebt
Egypt’s economy bears the burden of an external debt that amounts to 35 billion US dollars, according to the figures of the Central Bank of Egypt. This debt costs Egyptian citizens an annual amount of 18 billion EGP in debt service.
Who Pays for 30 years of Economic Failure?!
Egypt’s external debt is a direct result of Mubarak regime’s failed economic policies, which resorted to external borrowing as a quick fix for complex economic problems. These problems remain unresolved until today and require alternative strategies to address them. Although Egyptians did not have a say over the need for external borrowing nor the priorities over which the loans will be spent for, they continue to suffer from Mubarak’s debt burden even after his fall. It is also needless to mention that corruption has been festering all through out Mubarak’s reign and in all sectors and insitutions, that it is highly expected to have inflitrated debt management as well as project implementation.
We need to drop the debt!
A group of civil society organizations and individuals concerned with social justice came together to initiate a popular campaign to drop Egypt’s Debt. The campaign aims to form pressure groups which would lobby for auditing and dropping Egypt’s debt inside and outside Egypt.
And here’s the game plan:
The success of the debt audit commissions in countries with similar historical trajectories, such as Argentina and Ecuador, have inspired the people of Egypt to initiate a similar process. Our campaign aims to audit loans borrowed during Mubarak’s era and evaluate their impact on society and people’s welfare. The campaign will then lobby donor governments and agencies to drop Egypt’s illegitimate debts.