Egyptian President Hosni Mubarak was quoted as saying that International Monetary Fund conditions for relieving Egypt's economic crisis would cause unrest in his country, and he will not accept them. "The people would get out of control," Mubarak told the Hamburg magazine Der Spiegel. "The IMF doesn't think of that one bit." He was quoted as saying the IMF wants his government to end food subsidies and to raise interest rates to 20% from 11% in exchange for rescheduling its $36-billion foreign debt and receiving new credits.
Copyright © 2019, Los Angeles Times