Egypt’s Finance Minister Denies $10.4 Bln Loan Negotiations With IMF

Egypt’s minister of Finance, Hany Kadry, denied reports regarding the ministry or the government’s intentions to request International Monetary Fund (IMF) to conduct negotiations for a $10.4 billion loan, according to AlAhram gate.

Kadry added that Egypt is keen on continuing relation with the IMF and the World Bank because they are the highest financial institutions and because Egypt is a founding member of both entities.

He added that Egypt is still cooperating with the IMF in the technical support field and in financing infrastructure projects from the World Bank.

The Government decided to invite a delegation from the IMF before year end to conduct Consultations on article 4 which is done periodically on Egypt’s economic situation according to the articles of the IMF’s Founding charter, Kadry revealed.

Source: AlAhram Gate & Arab Finance