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Biblawi: Visit of IMF mission to Egypt is for consultation; government did not seek loans

The IMF mission dealt in Egypt with the economic situation, current incidents and the possibility of offering aid to Egypt, Biblawi noted.

Dr. Hazem Al Biblawi, the Deputy Prime Minister and Finance Minister said a visit by International Monetary Fund (IMF) mission to Egypt is an annual and routine one, adding this visit was made for consultation with Egypt and to discuss future cooperation with the IMF, for the benefit of the Egyptian economy.

Egypt did not start any negotiations to receive either loans or credit facilities from the IMF, he said. The IMF mission dealt in Egypt with the economic situation, current incidents and the possibility of offering aid to Egypt, Biblawi noted.

At the end of the IMF team's visit to Egypt, a report will be issued by the Egyptian government on the results of the negotiations with the IMF team and the required recommendations.

The last such report has not been issued as the January 25 Revolution took place, he added.

A memo presented to the Cabinet on the prospects of cooperation with the IMF said previous talks for receiving credit facilities by Egypt with the IMF and the approval by the IMF to do so means a confidence in the performance and the stability of the Egyptian economy as well as the soundness of the economic and financial policy by Egypt.