These drastic economic measures are taking place alongside a severe crackdown on civil and political rights. Egypt’s civic space has been decisively evaluated as “closed” by international monitoring initiatives, and the government has recently ratified an NGO law that UN human rights experts have indicated could “devastate civil society.”
Files: Anti-Corruption & Transparency
The report assesses the economic and social impact of the economic adjustment program, agreed upon by the Egyptian government and the International Monetary Fund as a condition for Egypt’s receipt of $12-billion loan under the Extended Fund Facility, to be disbursed in six tranches.
The EIPR reiterates its reservations on most of the IMF loan terms, which have adverse socioeconomic impacts on most citizens and are damaging to the economy and social stability.
Egypt was hit with the biggest fine in its history when the ICSID ruled on September 3, 2018 that Egypt was liable for compensation of $2 billion to Union Fenosa, as damages for the 2014 government’s failure to provide gas to the company during the energy crisis in Egypt.
The report is of particular relevance to the meeting scheduled for April 20, 2 pm GMT, between World Bank officials and civil society organizations focused on tax justice and the disclosure policies of international finance institutions such as the World Bank and IMF.
The IFC has been operating in Egypt since 1995 and has worked with dozens of different companies across different sectors, mainly through lending or holding equity in the investee company, as well as by providing technical support. We have found through our research that the IFC invests in operations that are deeply involved with some of the most secretive offshore jurisdictions in the world, where information about the real owners of these companies is in many cases obscured.
Following the Arab Spring, the Swiss Authorities blocked 700 million Swiss francs held by Mubarak’s clan. Despite the opening of criminal investigations in Switzerland and Egypt, it appears that the confiscation of this money is increasingly unlikely. One quarter of the money frozen on Swiss bank accounts was already released in December 2016. Last August, the Federal Prosecutor discontinued the cooperation with Egypt – explaining that it had led to no result.
Following the Arab Spring, the Swiss Authorities blocked 700 million Swiss francs held by Mubarak’s clan. Despite the opening of criminal investigations in Switzerland and Egypt, it appears that the confiscation of this money is increasingly unlikely. One quarter of the money frozen on Swiss bank accounts was already released in December 2016.
An international network of leading investigative journalists is today contacting 7,000 politicians in 20 countries, including about 600 politicians in Egypt, to request they publish details of their own tax records as part of a new global drive f
When the IMF agrees to extend a loan to a country, there is a number of documents the IMF team is obligated to publish and several more the government in question must release.