Egyptians urge revision of foreign debt

During a conference titled Popular Campaign to Drop Egypt's Debt, the participants said the country's loan agreements need to be reviewed in order to determine their legitimacy.

The activists also announced their repudiation of foreign debt as a concept in general.

Participants in the conference stressed the right of Egyptian people to have their say in the country's fiscal policies, noting that the money that Egypt has borrowed has never benefited the Egyptian public.

“The philosophy of this campaign is that we, as Egyptians, did not benefit from this money,” said Kamal Abu Elta, an activist from the campaign.

The economic policies of the toppled regime of former dictator Hosni Mubarak have left the Egyptian government greatly indebted both domestically and internationally.

The interest that Egypt pays on a yearly basis represents one of the largest item of public expenditure.

The activists in the campaign insist that since the Egyptian revolution was aimed at achieving social justice, the money should be utilized for the improvement of Egypt's healthcare and education systems as well as social welfare.

Activists from Latin America attended the event to share success stories - how their respective countries managed to break free from the shackles of foreign debt.

The initiative also held simultaneous events in several European capitals to rally support in those countries that carry Egypt's debts.