Egypt's Central Bank governor denies IMF talks: source

Egypt's Central Bank (CBE) governor, Farouk El-Oqda, was not involved in negotiations with the International Monetary Fund (IMF) on a loan for Egypt while on a visit to Washington last week, state-run Al-Ahram reported, citing an official source in the CBE.

It was reported by Al-Ahram Sunday that El-Oqda had resumed talks with IMF officials over a $3.2 billion loan for Egypt. The Egyptian government expects to finalise the $3.2 billion loan agreement by 15 May — a move it says is necessary to help tackle a looming $10-$11 billion financing gap over the next 18 months.

The Popular Campaign to Drop Egypt's Debts (PCDED), a grassroots Egyptian campaign demanding the cancelation of the country's debt obligations, meanwhile, issued a statement in March condemning the interim government's proposals for economic reform.

PCDED claimed that the plans — ostensibly aimed at trimming the country's public debt — ignore long held popular demands for social justice and would ultimately serve to increase poverty in rural areas.