Abdel Rahim Ali calls for referring terror crimes to military courts    Putin says attackers, masterminds of terror attack in Egypt must not go unpunished    Romania condemns terrorist attack near Minya, Egypt    Arab & International condemnation for Minya terrorist attack in Egypt    Gomez penalty puts Wolfsburg in front in relegation playoff    Fatwas galore that dominated Egypt    28 killed in Egypt as gunmen fire on bus carrying Christians    Abdul Rahim Ali preparing a file on Qatar's crimes to be submitted to ICC    Minister of Industry and Trade holds bilateral talks with his Belarusian counterpart    Banks allocate EGP 170bn to develop infrastructure of a number of areas in Cairo and Giza    Wolfsburg's fight for survival    Happy Father's Day in Germany to all fathers    Wolf-like golden jackal discovered in northern Germany    Star Wars turns 40, but the Galactic Empire is far from over    Manchester United win Europa League, beating Ajax 2-0    Denys Johnson-Davies: The leading Arabic-English translator of our time dies at 94    Egypt: Friends, intellectuals pay tribute to late prominent translator    Policeman shot dead in Egypt's Sinai    Investment Minister meets Greek ambassador to Egypt    In Pictures: Two tunnels discovered, destroyed on North Sinai border, Egypt    "Bambah" and "Ballerinas of Cairo" bring retro magic to the streets of Cairo    Suez Canal's official: Investment certificates are completely secure    Al-Sisi discusses refugees issue, situation in Libya with Austrian chancellor    Egyptian, Russian negotiations about flight resumption still suspended: Okulov    Egypt rejects Al-Bashir's accusations of supporting rebels in Darfur    Germany's Gabriel sees 'deal' with China on e-car quota    Financial analyst: Egypt's rate rise was smart decision    In Pictures: Four Egyptian stolen artifacts retrieved from Britain    Crossing borders musically: Dresdner Sinfoniker will not be silenced    High Administrative Court questions constitutionality of Emergency Law articles    Court accepts Ahmed Nagi's appeal, sentences a retrial    Army destroys two tunnels beneath Egypt-Gaza border    After tribal clashes, is Sinai militancy turning into proxy war?    To promote tourism... Cristiano Ronaldo's family visits pyramids    Family of football player Ronaldo visits Pyramids & Egyptian Museum    Egyptian team adds 5 new medals at 4th Islamic Solidarity Games    مباشر – مانشستر يونايتد 0-0 أندرلخت    بارترا يتحدث بعد "أطول 15 دقيقة في حياته"    Newsreel    New Year routine    Imminent cabinet reshuffle    Footballer furore    In quest of national consensus    ‘Protecting the weakest'    Briefs    IMF open to scrutiny    Art heist goes wrong    All the fun of the Book Fair    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





Restitution not crippling debt
Published in The Egyptian Gazette on 04 - 09 - 2012

AT a time when the Government is struggling to obtain a $4.8 billion loan from the International Monetary Funds (IMF), voices are being raised opposing this loan, which would increase the burden on the Egyptian economy. Further, they are asking why the Government is not pursuing other ways to raise such funds.
The people are questioning the need to seek this finance from the IMF with its stringent conditions, when the Government could speedily find the same sum by taking the necessary procedures to retrieve the massive funds members of the toppled regime illegally gained and deposited abroad.
Most important are the huge possessions of the Mubaraks, as well as other members of the ousted regime, who are standing trial and even being found guilty of corruption. The State has every right to confiscate the property of those corrupt officials, as well as that of their families.
During the 18-month transitional phase, the investigative authorities uncovered vast corruption in the Mubarak regime and the dissolved National Democratic Party (NDP), revealing their vast illicit gains. This unjustified laxity in retrieving the stolen funds deposited in foreign banks and in uncovering the huge amount of property owned by these people has triggered public anger against the Government, because the citizens have suffered for many years. Things have got even worse since January 2011.
What could one expect from impoverished citizens on reading the report recently presented by Judge Asem el-Gohari, head of the Ill-gotten Gains Agency? It refers to the huge wealth of Safwat el-Sharif, the former NDP Secretary General, which he acquired illegally, amounting to LE29 billion in the form of investments and property in Egypt and Britain.
The least the Egyptians are expecting from Hisham Qandil's Government, president Mohamed Morsi's first is to rapidly restore the looted funds from these corrupt officials and use them to boost the economy, creating some giant development projects with the highest returns for the economy and improving the people's living conditions, instead of seeking more foreign loans.


Clic here to read the story from its source.