Jumblatt: Money needed for Egypt development

Progressive Socialist Party leader MP Walid Jumblatt called on wealthy Arab states Monday to provide financial aid to Egypt to help it resume its “pioneering role”.

“Poverty levels are disgusting in Egypt at a time when we see the revenue of Arab oil being invested in arms deals, treasury bills and stocks whose revenues might evaporate in speculations, just like what happened a few years ago in the latest global financial crisis,” wrote Jumblatt in his weekly editorial in PSP’s newspaper Al-Anbaa.

“It is necessary to reconsider the policy of investing money and provide the needed support for Egypt to assume its pioneering role in the Arab [world],” added Jumblatt, who had recently returnedfrom a visit to Egypt.

Jumblatt touched on the refined history of Egyptian institutions, including the military establishment which he said had asked deposed Egyptian President Hosni Mubarak to step down when it felt that his continued presence in power posed a danger to Egyptian national security and stability, and later referred him to trial, as demanded by people.

Jumblatt said that Arabism and nationalism are deep-rooted in the Egyptians who are committed to the Palestinian cause.