Published On: Mon, Sep 16th, 2013

Egypt rejects IMF and Indicated Historical Realignment

Egypt has rejected that it is seeking an IMF loan and states that the North African nation is facing an international plot. Analysts expect a historical political realignment of Egypt, unseen since the country realigned itself, away from the Soviet Union and towards the USA in the early 1970s.

Christof Lehmann (nsnbc) , – Official Egyptian sources say that Egypt does not seek to obtain a loan from the International Monetary Fund (IMF) and stresses that the country is confronted by an international plot. Egypt is, according to analysts, in the process of a historic re-orientation, last seen in the early 1970s. 

Fahmy Nabil

Foreign Minister Nabil Fahmy

A growing number of international experts and analysts agree that Egypt is in the process of a historical, political, geopolitical and military reorientation towards the BRICS countries, and that Egypt is seeking to assume a position, comparable to the one it had during the period prior to Egypt´s orientation towards the USA and away from an alliance with the Soviet Union during the early 1970s.

Egypt´s official government information website informs, that Egypt´s Minister of Industry and Foreign Trade, Mounir Fkhry Abdel-Nour, has said that the current government does not seek to obtain a loan from the International Monetary Fund (IMF).

Abdel-Nour noted, that the financial aid Egypt received from the Kingdom of Saudi Arabia, the United Arab Emirates and Kuwait, in addition to other resources, are enough to help Egypt overcome its economic crisis. He stressed, that Egypt is currently facing a plot, which appears clearly through the terror acts and stances of some international media outlets against the government and democracy. As nsnbc international reported, earlier this year, Egypt received:

USD 5 billion from Saudi Arabia, consisting of a USD 1 billion grant, USD 2 billion deposits in the Central Bank of Egypt, CBE, and USD 2 billion delivered in the form of oil products. As stated above, while discussing the 1.3 billion US-aid including the delivery of 20 F-16 fighter jets, all developmental aid is beneficial for the donor country´s economy. USD 2 billion had been provided by Saudi Arabia before, that is, after the fall of Mubarak.

USD 4 billion from Kuwait, consisting of a USD 1 billion grant, a USD 2 billion deposit in the CBE and a USD 1 billion in oil products.

USD 3 billion from the United Arab Emirates, consisting of a USD 1 billion grant and a USD 2 billion interest-free deposit in the CBE. Whether the UAE help ever manifests is questionable. The UAS also pledged USD 3 billion in October 2011 but never delivered.

Blue Nile Hydroelectric Dam Project in Ethiopia. Photo courtesy of PRESS TV

Blue Nile Hydroelectric Dam Project in Ethiopia. Photo courtesy of PRESS TV

Although much misunderstood due to the above mentioned media campaign in the Qatar based Al-Jazeera, the US TV channel CNN and similar media, the people-powered military coup in Egypt, and the establishment of the interim government have countered a predominantly Qatar-backed coup d´etat in the North African Country.

Had the Morsi administration been successful at maintaining the grip on power, Egypt would have been co-opted into a US-led military aggression against the Syrian Arab Republic and a neo-colonialist proxy war against its southern neighbor Ethiopia.

Criticism of Egypt´s military and the interim government are, among others based on Egypt accepting funds from Saudi-Arabia. The Saudi readiness to provide funds for Egypt however, must according to many analysts be interpreted as a Saudi attempt to reassert some of the regional influence it has lost to Qatar. In 2007, Qatar began funding a massive pivot of the Muslim Brotherhood in Turkey, Syria, Libya, Palestine, as well as in Egypt, in preparation of the so-called “Arab Spring”. The “Scamble for Foreign Influence” in Egypt was detailed in an analysis by the author, published in nsnbc international on 12 July. 

Many analysts, including the scribe and historian Webster G. Tarpley, consider Egypt´s current policy as a political and strategic realignment, away from US hegemony, and towards BRICS membership and closer relations to Russia, with a more independent regional foreign policy.

The transition would be a historical shift, unseen in Egypt since the country shifted its alignment, away from the former Soviet Union and towards the USA in the early 1970s.

On 16 September,during his first visit to Russia, Egypt´s Foreign Minister Nabil Fahmy said in an interview with Moscow News, that Egypt appreciates Russia “supporting stance to the Egyptian people´s will”.  Fahmy confirmed, that:

“Egyptian foreign policy is seeking to develop relations with Russia, boost bilateral cooperation and enhance mutual interests”. 

At the sidelines of the G20, BRICS members decided to capitalize the new Development Bank with 100 billion USD. Photo courtesy of RIA NOVOSTI, Igor Russak

At the sidelines of the G20, BRICS members decided to capitalize the new Development Bank with 100 billion USD. Photo courtesy of RIA NOVOSTI, Igor Russak

On Friday, Nabil Fahmy stressed, in an interview with the Russian RIAN news service, that Egypt appreciates the Russian initiative with regards to Syria´s chemical weapons, saying:

“If this initiative should be successful, it would become the most important element for the protection against the threat of a division of the Middle East, as it occurred after the first World War. Should a military solution for solving the crisis be chosen, it would bring the real threat of splitting parts of the Eastern Mediterranean region”.

With regards to Egypt´s rejection of claims that the country is seeking an IMF loan, it is noteworthy, that the BRICS member states, at the sidelines of the recent G20 Summit in St. Petersburg, Russia, have agreed to capitalize the new BRICS Development Bank with USD 100 billion, and that the Bank is expeted to assume operations earlier, than it was expected when the decision to establish the Bank was made during the BRICS Summit in Durban, South Africa.

Related articles:

Al-Sisi; US Stabbed Egypt in the Back with Morsi

Scramble for Foreign Political Influence over Egypt, Between Gulf – Iran – USA/EU, IMF and BRICS

Condemnation of Violence in Egypt. Whose Violence and Why

Related article: Turkey AKP:

Turkey: AKP Plots Anti-Democratic Election Trick

About the Author

- Dr. Christof Lehmann is the founder and editor of nsnbc. He is a psychologist and former independent political consultant on conflict, conflict resolution and a wide range of other political issues. In March 2013 he established nsnbc as a daily, independent, international on-line newspaper. He can be contacted at nsnbc international at nsnbc.wordpress@gmail.com

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