It is quite true that the IMF is no solution. Business Recorder writer M Ziauddin in his latest op-ed for the newspaper has built up a strong case against this global lending agency. According to him, "Argentina, Egypt and Pakistan are some of the most suitable examples of this bitter reality. All three have had quite a long-term engagement with the Breton Wood institution established in 1944 to foster balance of payments and external sector stability, however, the three countries cited are witness to the fact that none of these has attained stability or prosperity and their economic future is even more uncertain."
His is a profound argument though. I would like to add one point about Egypt's state of economy. The Egyptian economy had a steady 7 percent growth between 2005 and 2008. The global 2008 crisis slowed the growth rate to about or over 5 percent till the Arab Spring hit the Middle East and North Africa, causing removal of Egyptian strongman Hosni Mubarak.
Comments
Comments are closed.