Egypt will not need of a loan from World Bank and IMF

Money USAEgypt will not need funding from World Bank (WB) and International Monetary Fund (IMF), although agreement was reached after review of the budget deficit reduced expectations, said today Finance Minister Samir Raduil, said.
“At this stage there is no need to turn to the Bank and Fund,” said Raduil, adding that the country still supports “the good relations” with both institutions. Qatar last week provided $ 500 million in support of the Egyptian budget. “This is a gift,” replied the minister to question the conditions of funding. On June 1st, the Egyptian government approved a budget for 2011-2012, which increased by nearly 25 percent spending to create jobs and help the poor. The U.S. also promised to assist financially and to simplify the Egyptian part of the debt of the Arab state. Obama said Washington will forgive a debt of $ 1 billion of Cairo and the country will provide loan guarantees for $ 1 billion to “create infrastructure and jobs.”
Saudi Arabia also promised loan to Egypt worth $ 4 billion on preferential terms.
The IMF forecast that economic growth in Egypt will slow to 1% this year, a sharp slowdown compared with 5.1 percent growth in 2010

One Response to Egypt will not need of a loan from World Bank and IMF

  1. Velina Topalova says:

    Egypt proved the words that this country is far away from the standard democratic nations. They will need from more than 20 years to return on the position they were with Moubarak

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