Egypt Daily News – Representative Dia al-Din Daoud, a member of the House of Representatives, announced, during the plenary session on Monday, his rejection of a loan worth $3 billion to the Ministry of Finance from Emirati banks.
“Daoud” said: The matter has crossed the limits if you do not see that we are working for the creditors. Yesterday there was a loan and today there is a loan. This is unacceptable and unconstitutional and puts the country’s economy and its political decision at risk. It is not reasonable for the government to borrow whenever it is in a tight spot.
He continued, wondering: “Where is the money going, where are the revenues, and where is the country’s money? The minister must be held accountable.” He directed his speech to the minister, saying: “You will continue like this until when, the size of the debt installments will reach where? Do you see how the regional environment is going, and you easily borrow a billion and another, and what will you do in 6 months, and how will you hand over the government following yours? The country is all our responsibility, no adventurer or gambler,” with the future of the country.”
He added: “The matter has crossed all limits, and the loan must be rejected so that the government is punished. You are implicating yourself. You will continue this process and wait till you see the dollar has reached. When it will be 60-70 pounds, what will we do? We are still discussing the Social Security Law. What will you do with solidarity and dignity? Social housing. The money is no longer worth the value of social housing at 800 thousand pounds for an apartment. Daoud said: “The economic situation makes it impossible for us to borrow under the pretext of the safety and stability of the country and to cross to the other side. We are sinking and we are aware, and we must and we have to stop.”
However, the House of Representatives approved the Ministry of Finance to obtain new loans worth $3 billion from Emirati banks and the European Union amid the implementation of economic reforms, the pressures of external conflicts, and the acceleration of geopolitical tensions in the region.
