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Cairo Chamber of Commerce: We oppose the IMF loan if it will make the poor poorer - Daily News Egypt

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Cairo Chamber of Commerce: We oppose the IMF loan if it will make the poor poorer

CCC also urges government to reverse decision on customs duties hike and new tax laws


Although he acknowledged that loans are not a true representation of a country’s reserves, he said that taking these loans would help postpone the issue long enough to allow Egypt to achieve real economic recovery (AFP Photo)
The Cairo Chamber of Commerce (CCC) announced today that it is “opposing the International Monetary Fund (IMF) loan if it will make the poor poorer as a result”
(AFP Photo)

By Lamia Nabil

The Cairo Chamber of Commerce (CCC) announced today that it is “opposing the International Monetary Fund (IMF) loan if it will make the poor poorer as a result” during a meeting held with members of the Consumers Against Price Rises Association (CAPRA) and other consumer representatives.

Mahmoud Al-Asqalani, head of CAPRA, also said that the CCC, CAPRA and the other attendees at the meeting will recommend that the government reverse its decision regarding raising customs duties and “the immediate suspension of the new tax law”.

“The reason behind our meeting is that we believe in the importance of our role to represent marginalised citizens,” he explained. “We will be sending the recommendations reached during the meeting to the cabinet, and we have also agreed to hold monthly meetings between consumer and seller representatives.”

“CAPRA has invited all parties to attend a meeting to discuss the deterioration of the Egyptian economy,” he added. “A large number of seller and consumer representatives have accepted our invitation.”

The main purpose of the meeting, he said, was to put forward “a road map for the urgent procedures and decisions that must be taken to face the consequences and worsening crisis of high prices”.

The meeting also discussed the fuel shortages, commodities price hikes, and building materials price hikes, he added.

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https://www.dailynewsegypt.com/2013/04/15/cairo-chamber-of-commerce-we-oppose-the-imf-loan-if-it-will-make-the-poor-poorer/
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