- August 7, 2017
- 6 minutes read
National Alliance: Coup Regime Policies Led to Economic Collapse
Day after a day, the military coup regime in Egypt causes more and more tragic disasters. Its economic crimes against the homeland is matched only by its crimes and violations of human rights. Egypt’s debts are soaring in an unprecedented manner amidst coup regime attempts to mislead and misinform the people with false reports about an alleged increase in cash reserves.
The military coup regime that has brutally exhausted Egyptians with flawed economic decisions, has multiplied the poverty of the people and abolished subsidies. Monies are being hoarded in the safes of the military junta thieves and cronies. These days, they are trying hard to falsify the facts and deceive citizens with false statements about "improving" economic conditions, contrary to the difficult truth on the ground witnessed by every citizen.
Numbers do not lie. Recently revealed figures – from official and non-official institutions – have revealed the extent of the tremendously ruinous effect of the continuing (2013) military coup and the huge economic collapse Egypt is passing through under military rule.
For example, the coup regime is required to pay $8 billion in debts and interest by the end of this year, almost twice the size of the recent increase in foreign exchange ($4.7 billion).
Moreover, the monthly statistical bulletin No. 243 issued by the Central Bank revealed that the internal debt, at the end of March 2017 reached LE3.07 trillion Egyptian Pounds. The IMF documents expect Egypt’s external debt to rise to $102,4 billion in 2020, compared to $55.7 billion in 2015.
Despite all these catastrophic numbers, coup media are trying to deceive citizens with talk about increases in foreign exchange reserves, as a positive indication of the economic situation. In fact, these increases were the result of the addition of treasury bills to the cash reserve; and these funds also pay debts and interest on debts.
Egypt’s debts under the leadership of the coup commander Abdel-Fattah Al-Sisi has risen to about LE73 billion so far. This means that Egypt’s debts have doubled since Mubarak by LE36 billion.
If the total of these debts is divided over 91 million Egyptians, every citizen owes about LE47,600 in internal debt and about $800 in external debt.
The Anti-Coup, Pro-Legitimacy National Alliance reaffirms that all the economic crises and catastrophes afflicting the homeland are the result of deliberate destruction by the successive military rulers of Egypt over the past 60 years. As the January 2011 Revolution tried to lift the country out of their blood-stained hands, they quickly executed their treasonous coup against the first elected civilian President of Egypt: Mohamed Morsi.
Therefore, the Alliance calls all Egyptians to join a new revolutionary week, under the slogan "Military rule Most ruinous" to reaffirm that they are determined to reclaim their homeland from the hands of the traitorous junta who filled the homeland to overflowing with treachery and corruption.
Victory for the Egyptian people
The Anti-Coup, Pro-Legitimacy National Alliance
The coup is brutal terror