CAIRO: With Egypt's economy in a pitfall, the country's ruling military junta announced it would loan the government $1 billion in an effort to boost the stalled sector. The country's state media made the loan announcement on Wednesday and said it is part of an effort to help move Egypt toward a prosperous future. However, where the money came from exactly has both activists and observers worried over the resources at the ruling armed forces disposal. “So they can just loan the country, supposedly their country, $1 billion and that is a good thing?” asked Salma Yussif, a 20-year-old activist and economics student at Cairo University. “I wonder really where the money came from and who had it.” It is also part of the growing fear that the military has immense business connections in the country and wants to maintain its privileged status as the country's overlords in order to hold onto their private dealings in the country. Tourism is down, revenue has slowed and consumer confidence and wages are at low levels in the country, where nearly half of all Egyptians earn around $2 daily, barely enough money to feed themselves, let alone a family. “This is disgusting that the military has $1 billion somewhere and then does this. I am sickened,” Yussif told Bikyamasr.com. Many believe that the loan is yet more evidence that the military wants to maintain is special status in the country. It also comes as elections are nearly complete and a new constitution will be written, but the military on this point also is ensuring that any future government will have no oversight over its finances and dealings. If they lend $1 billion, it means they have got a far greater amount out there,” Ragui Assaad, an Egyptian economist at the University of Minnesota, said in a telephone interview with The New York Times. “They want to show that they are trying to be as helpful as they can, but it is also a reminder that they have this big autonomous budget.” Anger is fomenting in Egypt towards the military rulers, who had initially promised to be in power for only 6 months when they took control of the country in February. That was 11 months ago, and as protesters are killed in clashes with the armed forces, activists are preparing for a massive demonstration on January 25 – the one-year anniversary of the 18 day uprising that ousted former President Hosni Mubarak – in order to continue the revolution and demand an end to military rule of the country. BM ShortURL: http://goo.gl/8kbYA Tags: Anger, Economy, Loan, SCAF Section: Business, Egypt, Latest News
