Egypt rules out IMF loan deal

Despite months of talks, agreement on the loan's terms between Egypt and the IMF has remained elusive

Egypt rules out IMF loan deal

World Bulletin / News Desk

The Egyptian government has ruled out an agreement with the International Monetary Fund (IMF) for a proposed loan.

"It might be difficult to sign a deal with the IMF in the coming period," interim Prime Minister Hazem al-Beblawi said in a statement following a Tuesday meeting with European ambassadors.

For more than one year, Egypt had been in negotiations with the IMF for a proposed $4.8 billion loan to help shore up its faltering post-revolution economy.

Despite months of talks, however, agreement on the loan's terms has remained elusive.

Egypt's interim government will remain in power until the election of a new president and parliament sometime next year.

"The IMF's role, however, will remain vital," al-Beblawi asserted. "And Egypt, one of the founders of the IMF, will continue to appreciate it."

Following the July 3 ouster of elected president Mohamed Morsi by the army, Egypt has received a combined total of $15.9 billion in aid from Saudi Arabia, the United Arab Emirates and Kuwait.

Last Mod: 11 Aralık 2013, 10:28
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