August 22, 2012
Tags: Economic Decline, Egypt, IMF
Revelation 6:3-4 NCV When the Lamb opened the second seal, I heard the second living creature say, "Come!" Then another horse came out, a red one. Its rider was given power to take away peace (prosperity, rest) from the earth and to make people kill each other (butcher, slaughter, to maim violently, in streets), and he was given a big sword (assassins sword, terrorist, loud, mighty, sore afraid).
“…the manipulation of money and goods is soon to be revealed as the main method of control imposed upon society by the Antichrist.”
-Jim Bakker in “Prosperity and the Coming Apocalypse”
President Mohammed Mursi took the opportunity to request a loan for the nation during a visit from the head of the International Monetary Fund.
IMF chief Christine Lagarde promised that the IMF would respond to the request quickly and Egyptian Prime Minister Hisham Qandil told the press he hoped to have the deal finished by the end of the year.
Mursi told Lagarde the loans were necessary to cover deficits attributed to falling tourism revenues and lower returns on foreign investment. The country’s foreign reserves are below half the levels before last year’s revolt that removed President Hosni Mubarak.
The country’s budget deficit for the 2012-13 fiscal year is expected to be almost eight percent of the nation’s gross domestic product. The country’s internal debt is $193 billion with an additional $33.8 billion foreign debt.
The IMF loan is expected to be for five years with an interest rate of 1.1%. A 39 month grace period is also anticipated to be part of the loan agreement.