21 May 2012

Egypt: CBE - Country Does Not Need IMF Loans

Dr. Farouk Al Oqda Governor of the Central Bank (CBE) affirmed that Egypt is not in need for the international monetary fund (IMF) loan of $ 3.2 bn, adding that he did not visit Washington for this purpose and did not meet with any IMF official as negotiations are suspended with IMF.

The one billion dollar deposit by Saudi Arabia came as the first installment to support the Egyptian economy by Saudi Arabia. We are waiting for promises by Arab countries to support the Egyptian economy and that we do not mean grants, but rather deposits or projects to be financed by them.

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