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economic austerity measures to the Egyptian people. "Of course the delay
will have some economic impact, but we are discussing necessary
measures [to address that] during the coming period," he told Reuters. "I
am optimistic … everything will be well, God willing."
On Monday, Egypt's president, Mohamed Morsi, withdrew planned
tax increases, which are seen as vital for the loan to go ahead.
Opposition groups, already angry over other measures taken by
Morsi, greeted the tax measures, which included duties on alcoholic
drinks, cigarettes and a range of goods and services, with furious criticism.
The main opposition bloc, the National Salvation Front (NSF), is to
decide on Wednesday whether to boycott the referendum or campaign for
a no vote.
The latest unrest has claimed seven lives in clashes between the
Muslim Brotherhood and opponents, who are also besieging the
presidential palace.
The elite Republican Guard, which protects the palace, has yet to use
force to keep protesters away from the graffiti-daubed building, now
ringed with tanks, barbed wire and concrete barricades.
The army has told all sides to resolve their differences through
dialogue, saying it would not allow Egypt to enter a "dark tunnel".
For the period of the referendum, the army has been granted police
powers by Morsi, allowing it to arrest civilians.
However, in the latest reversal for Morsi, the presidency yesterday
was forced on Tuesday to clarify that anyone arrested by the militaryarmy
would face civil rather than military courts.
The military has portrayed itself as the guarantor of the nation's
security but so far it has shown no appetite for a return to the
bruisingfrontline political role it played after the fall of the country's
former leader Hosni Mubarak, which severely damaged its standing.
Morsi and his key allies in the Muslim Brotherhood have stumbled
through a series of worsening crises since he was praised for his key role
in mediating a ceasefire in Gaza between Israel and Hamas.
In the immediate aftermath Morsi granted himself sweeping new
powers that saw the biggest demonstration in Egypt since the revolution