Central bank denies Egypt seeking IMF loan

Egypt  dismissed as inaccurate reports that it is seeking a loan from the International Monetary Fund (IMF), a Central Bank official told Ahram Online on Wednesday.

“It is not true,” said the official, referring to a news report by Bloomberg earlier on Wednesday.

The news agency cited an anonymous senior government official as saying that Egypt plans to seek the loan, adding that the “details aren’t public.”

Egypt has been facing a foreign currency crunch since the political upheaval that followed the 2011 uprising drove away foreign investors and tourists, the country’s main sources of dollars.

The Central Bank has already taken several measures over the past few months to curb non-essential imports in an attempt to combat the dollar shortage.

source: Ahram Online