As G24 Questions IMF's Arab Spring Response, Mubarak Era Rep Praises

By Matthew Russell Lee

IMF, April 19 -- When the Group of 24 developing countries issued a communique on Thursday, it said, "We reiterate the importance of the IMF and the World Bank to adequately respond to the developmental needs of the Middle East and North Africa (MENA) countries in transition."

  Inner City Press asked the panel the obvious question: does the G24 think that the IMF has done enough in the so-called Arab Spring countries, particularly after IMF Managing Director Christine Lagarde loudly announced a commitment of $35 billion?

  India's Finance Minister Pranab Mukherjee, as G24 chair, gave a lengthy answer that in essence called for the IMF to do more, without any cookie cutter approach.

  But then former Mubarak government spokesman Ayman Alkaffas, who is reportedly married to the daughter of Omar Suleiman, Mubarak's spy chief whose candidacy for presideny has at least for now been disqualified, asked for the microphone, saying he represents Egypt on the World Bank's board. 

   He spoke of appreciating the IMF's role, especially the positive comments made earlier in the day by Christine Lagarde.

   Yes, there were some positive comments. Then Lagarde was asked why the "IMF has taken a big step to help Europe but did not take these steps to the Arab Spring countries."

   Lagarde replied that "If we hear solid partners on the ground say, aah, I am not too sure about this program, not too sure about the IMF, not too sure about borrowing, it is a bit of an issue."

   Among the questions raised to the IMF, however, is whether a military government in what should be its declining days should be able to bind future Egyptians to the tune of $3.2 billion. It's a legitimate question.

   But Ayman Alkaffas, who was the Mubarak government's spokesman in London, didn't voice this concern, and said the deal should be sealed and announced "in a few weeks." We'll see.