By Moustafa Adel
Cairo – Mubasher: Seeking a loan from the International Monetary Fund (IMF) is not on the agenda of the Egyptian government for the next fiscal year, said an official source at the finance ministry.
The state budget for the new year did not include such a plan, said the official, adding that it would also be difficult for the government to secure the parliament’s nod on the IMF loan.
The country’s finance ministry is currently in the process preparing the state budget for the new fiscal year and expects to finalise it by the end of March. Afterwards, it will send the budget to lawmakers for endorsement.
Bloomberg said earlier Egypt is preparing to start loan talks with the International Monetary Fund, as the most populous Arab country seeks to tackle a dollar shortage that’s hampering economic growth. The central bank chief denied the plan.
For his part, Fakhry El Fekki, former assistant executive director at IMF, said Egypt would not resort to a loan from the fund given its improving ties with other financing bodies like the World Bank. He also added that the local economy could not withstand any austerity measures to be imposed by the fund in case of securing the loan.
Translated by Sayed Abdel Rahman
