Egypt says will not need IMF and World Bank funds
Finance Minister Samir Radwan said on Saturday Egypt would not need funds from the World Bank and International Monetary Fund, although a deal had been agreed, after budget revisions cut the forecast deficit.
"We do not need to go at this stage to the bank and the fund," Radwan told Reuters, adding Egypt still had the "best relations" with the institutions.
He said Qatar had provided $500 million (£300m) for budgetary support in the past week. "That is a gift," he said, when asked if there were any conditions attached to the Qatari cash.
Egypt's cabinet had approved on June 1 a budget for 2011/12 that increased spending by a quarter to create jobs and help the poor, after the mass protests that ousted long-time ruler Hosni Mubarak on Feb. 11.
The IMF had put Egypt's external and fiscal financing gap at about $9 billion to $12 billion (£5.6bn-£7.5bn) for fiscal year 2011/12.
- 1 The difference between a migrant and refugee, in one sentence
- 2 Miley Cyrus calls out hypocrisy of women’s nipples being taboo
- 3 Celebrity Big Brother 2015: Tila Tequila kicked off show after 'describing Hitler as a good man'
- 4 iPhone 5c to be discontinued, no iPhone 6c to replace it
The difference between a migrant and refugee, in one sentence
Spain accused of 'provocation' after letting Russian submarine refuel off Gibraltar
Allonautilus scrobiculatus: World's 'rarest' creature spotted for only the third time ever
Miley Cyrus calls out hypocrisy of women’s nipples being taboo
Celebrity Big Brother 2015: Tila Tequila kicked off show after 'describing Hitler as a good man'
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
Labour leadership: Jeremy Corbyn accused of 'deluding' young supporters with 'claptrap'
'Women only' train carriages: Jeremy Corbyn unveils radical move to tackle public harassment
Black holes are a passage to another universe, says Stephen Hawking
Iain Duncan Smith 'should resign over disability benefit death figures', says Jeremy Corbyn
Iain Duncan Smith calls for urgent ESA overhaul as part of drive to cut down welfare costs
£18000 - £30000 per annum: Recruitment Genius: A Sales Executive or Senior Sal...
£40000 - £55000 per annum: Recruitment Genius: This is an exciting opportunity...
£22000 per annum: Recruitment Genius: This industry leading company produces h...
£20000 - £40000 per annum: Recruitment Genius: This IT provider for the educat...