Finance Ministry to borrow EGP 250 mln from AMF

Ibrahim Abdel Rahman, deputy Economical Affairs Committee in PA, revealed that the finance ministry has called on the committee to approve on its agreement with Arab Monetary Fund (AMF), to get EGP 250 million loan so that it can restructure the ministry.

Abdel Rahman elaborated that the committee postponed the demand till calling the finance minister in order to explain ways of spending the loan; especially the demand is vague, it doesn’t show what the ministry’s needs are during its restructure.

The ministry should elaborate if it will buy devices and train the employee, as these don’t need international loans. This matter makes the committee objects to.

He referred that the loan could be used in creating local resources not restructuring programs; particularly this loan is the second from AMF.