An Egyptian lawyer has filed a lawsuit against President Abdel Fattah Al-Sisi demanding a halt to the proceedings of the International Monetary Fund (IMF) loan as it “violated the constitution.” The IMF executive board approved on Friday a three-year USD 12 billion loan to Egypt to support its economic reform program, with Egypt’s central bank confirming on Saturday receiving USD 2.75 billion, which represented the first tranche of the loan. According to a statement on his Facebook page, lawyer Ali Ayoub filed the lawsuit with the Administrative Court against Sisi, as well as Prime Minister Sherif Ismail, Finance Minister Amr El Garhy and Central Bank Governor Tarek Amer, saying the agreement is “unlawful as it should have been reviewed by the parliament.” According to Article No.127 of the Egyptian Constitution, the executive authority may not contract a loan, obtain funding, or commit itself to a project that is not listed in the approved state budget entailing expenditure from the state treasury for a subsequent period, except with the approval of the House of Representatives. “The cabinet didn’t consult the parliament over the big loans or the issuance of USD 4 billion…
Egyptian Lawyer Files Lawsuit Demanding Halt of IMF Agreement
November 14, 2016
