Egypt
turns down IMF, World Bank loans
Sunday June 26, 2011 09:15:46 AM,
IANS
|
Cairo: Egypt has
declined to take loans from the World Bank and International
Monetary Fund (IMF) presently, following cuts in budget deficit,
Xinhua reported.
"Egypt doesn't need any loans from IMF or WB (World Bank) in the
current time," Egyptian Finance Minister Samir Radwan said in a
statement.
The statement came after Egyptian government cut the budge deficit
for the fiscal year of 2011 to 2012, starting from July 1, from
170 billion Egyptian pounds ($28.5 billion) to 134.3 billion
pounds ($22.5 billion). It accounts for 8.6 percent of gross
domestic product (GDP), down from the earlier estimated 10.75
percent.
Egyptian government approved the amended budget for the fiscal
year 2011 to 2012 June 22, which set the total public spending at
490.6 billion pounds, down from 514.5 billion pounds when the
budget draft was first announced June 1.
Earlier this month, Egypt had announced the IMF was to grant it a
three billion dollars loan over 12 months for next fiscal year at
1.5 percent annual interest rate to promote the Egyptian economy,
especially to decrease the country's budget deficit.
Radwan said in the statement the deficit could be covered via
local markets, some grants and aids from friendly countries and
international organisations.
Egypt's economic condition has been deteriorating since the mass
protests, which caused damage of the tourism sector and other
industries, besides retreat of foreign investments.
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