Between a Rock and a Hard Place: Egyptian Muslim Brotherhood struggles with idea of IMF loan
The Egyptian Muslim Brotherhood wanted to have control of Egypt for 80 years and now they finally have it.
Only problem is, things look a lot different from the seat of power than they do from the outside.
Egypt is in terrible financial condition, in large part due to the fact that the Muslim Brotherhood and its Salafist allies seized power in the first place.
Now the Ikhwan don’t know what to do. They need hard currency and they have next to no means of raising it. Egypt doesn’t boast great oil wealth compared to the Persian Gulf nations. The Egyptians don’t produce anything of note that the rest of the world can’t live without. They can raise revenue by operating the Suez Canal, and that’s about it.
Where will they get the money?
The International Monetary Fund is waiting in the wings with a $4.8 billion low-interest loan.
Ah, but there’s the rub–the interest. That’s a no-no under Shariah.
And so the debate has begun.
Read more at Egypt Independent…