In what many analysts are considering a decided shift back toward Egyptian Nasserism (meaning Arab nationalism based upon the precedent set by former Egyptian President Gamal Abdel Nasser), the Egyptian Minister of Industry and Foreign Trade, Mounir Fkhry Abdel-Nour has stated that Egypt will no longer be seeking a loan from the International Monetary Fund (IMF).
This decision, which was largely anticipated by those following the Egyptian countercoup and the apparent nationalistic tendencies of Gen. Sisi, would reverse a trend that was set in motion decades ago by corrupt Egyptian dictator Hosni Mubarak and accelerated by Muslim Brotherhood fanatic Muhammed Morsi. Under both Mubarak and Morsi, Egyptian standards of living plummeted, prices rose, and economic stagnation took hold. As a condition of the IMF loans, an onslaught of “free-market” reforms, privatizations schemes, and austerity measures began to take place with even more being expected in the future, such as a value-added tax publicly advocated by the Muslim Brotherhood ruling class.
The history of the IMF’s involvement in Egypt is, as it has been everywhere else, a tragic one.