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Egypt says "we do not need IMF loan"

February 5, 2014 at 2:12 am

Egypt’s interim Finance Minister Ahmed Jalal said on Wednesday that his country does not need an IMF loan because the reasons for it are no longer present mainly the need for the fund and the investment community confidence by signing an agreement with the International Monetary Fund.

The Nile TV reported the Minister as saying “Egypt is a founding member of the Fund and the World Bank. We are bound by good relations. Both sides are keen towards a joint cooperation to serve the objectives and priorities of the government’s economic policy in order to recover the national economy. “

Jalal revealed that three delegations from the World Bank had visited Cairo since June 30 one of them was headed by the World Bank’s Chief economic. The delegations discussed ways to cooperate and support Egypt’s economy.

The Minister said that his country appreciates Christine Lagarde’s comments; the Managing Director of the International Monetary Fund a few days ago when she confirmed the Fund’s readiness to cooperate with the interim government to support the Egyptian economy.