Will we say goodbye?

Do we actually start getting rid of the International Monetary Fund, like the experiences of countries that succeeded in doing so, as I wrote last week, and say goodbye to the International Monetary Fund?

Kristalina Georgieva, Managing Director  of the International Monetary Fund, is expected to arrive in Egypt to discuss what has been accomplished in the reform program and what Egypt has not implemented, and to review the requests of the IMF. President Abdel Fattah El-Sisi has promised to make every effort and thanks to get out of this crisis.

We know that rising prices, raising energy prices, and removing subsidies on products are among its conditions, but we need to increase investments and begin a clear plan in order to succeed in getting rid of the Fund, its pressures, and its demands.

There are expected interim scenarios to be presented to the IMF during the visit, the first of which is extending the timetable for implementing reforms, or obtaining a year to implement a stimulus package and control the rise in energy prices, or securing additional financing from the International Monetary Fund.

I believe that the first solution is to rely on ourselves, like many countries in the world that have developed their industries and strengthened their economies, and instead of obtaining a loan from the Fund, they have lent the Fund, like Malaysia, for example.

We all know that the Fund succeeded with some countries and failed with others, and there are countries that were forced to declare bankruptcy, such as Greece, and we do not forget that the IMF always uses the same method and the same program in the countries of the developing world, as if they were one copy.

Development and countries' self-reliance are not among the Fund's priorities, and its interventions are not suitable for all countries. We want to discuss and develop solutions that stem from our circumstances and are compatible with the tension we are experiencing in the region and the global economic crisis that we are most affected by. I hope we change the concept so that it is not an international distress fund.

Egypt has passed a long course in reform and has suffered a lot of pressure. Therefore, we must present clear ideas, scenarios, and an internal plan of action that will one day make us get rid of the Fund.

I hope that we will reach a day when we say goodbye to the IMF.