Finance Minister, Momtaz al-Sayeed, said that reports on the International Monetary Fund's refusal to provide Egypt with credit were absolutely baseless, stressing that the initial agreement between Egypt and the IMF is still effective.

The Egyptian government has got a vigorous economic and social program while contacts are being maintained on an almost daily base with the IMF officials to interpret and expound the items that need to be clarified, he said.

The government is going ahead in carrying out its reform program, he added.