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CBE: Egypt does not need IMF loans

Farouk Al Oqda, governor of the Central Bank in Egypt, said that Egypt is waiting for the Arab countries to deliver their promises.
23.05.12

Governor of the Central Bank (CBE) Farouk Al Oqda affirmed that Egypt is not in need of the $3.2bn loan from the International Monetary Fund (IMF).

He added that he did not visit Washington and did not meet with any IMF official as negotiations are suspended with the international body.

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

continue reading at Egypt State Information Service

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