USEUROPEAFRICAASIA 中文双语Français
World
Home / World / Africa

Egypt refuses $750m urgent aid loan from IMF

Xinhua | Updated: 2013-03-13 01:44

CAIRO - Egypt's Finance Minister Al-Morsi Hegazy said Tuesday in a press statement that Egypt refused an urgent aid loan from the International Monetary Fund (IMF) estimated at 750 million US dollars.

The minister said that the government made the decision out of concerns that such an urgent loan could bring about risks on the national economy, adding that the Egyptian economy is on its way to recovery and stability.

Hegazy also said that the Egyptian government has fulfilled the preparation of a reforming economic and social program, noting that Egypt, as a member in the IMF has the right of getting a loan tantamount to 300 percent of its share in the fund, which means about 4.8 billion US dollars.

Egypt is currently struggling for a rescue loan of 4.8 billion US dollars from the IMF to survive a severe financial crisis created by two years of turmoil and instability following the upheaval in early 2011 that ousted former President Hosni Mubarak.

Egypt's Cabinet headed by Prime Minister Hesham Qandil tries to knock all the doors to relieve the ailing economy as the budget deficit is expected to reach 26.74 billion US dollars in the fiscal year 2012-2013.

Most Viewed in 24 Hours
BACK TO THE TOP
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US