Egypt denies pursuing an IMF loan

Egypt’s Finance Minister Hany Kadry Dimian said that his country has not sought to start negotiations to receive a loan from the IMF, denying media reports that Cairo is seeking to obtain a $10.4 billion loan.

The minister added, however, that the government has decided to invite an IMF delegation before the end of 2014 to hold the Article IV Consultation that member countries, including the United States and EU countries, are obliged to hold regularly with the IMF to address the status of their economy, in line with the IMF charter.

An official at the Egyptian Finance Ministry told the Anadolu news agency last week that Egypt will invite an IMF delegation to hold the Article IV mission by the end of August, for the first time in four years.

The IMF announced two weeks ago that Egypt is one of the countries that are late for hosting an Article IV Consultation Mission wherein the country’s economy would be assessed, as the last review was held on March 24, 2010. The Article IV Consultation Mission that was due on March 2011 was postponed due to the January 25 Revolution.

Egypt entered negotiations with the IMF more than once after the January 2011 Revolution wherein it pursued a $4.8 billion loan, but negotiations stopped after June 30, 2013 and the subsequent military coup.