Egypt's central bank denies requesting IMF loan

Egypt did not request a loan from the International Monetary Fund (IMF), the Governor of the Central Bank of Egypt (CBE) Tarek Amer said yesterday.

In exclusive statements to the state-run Middle East News Agency (MENA), Amer said that the figures cited in some media reports yesterday about Egypt’s request to obtain a loan from the IMF are incorrect, adding that the country has its own economic reform programme.

Early yesyerday, Reuters reported that Egypt had asked the IMF for a loan of $5 billion, citing an unnamed minister as a source.

Amer told MENA that the CBE governor is Egypt’s representative to the IMF, and the bank is always in contact with the IMF for the exchange of views on the current economic situation locally, regionally and globally.

In an official statement issued yesterday to challenge Reuters’ report, the CIB said: “The figures quoted are incorrect, in case a programme is sought, Egypt would be eligible for amounts more than double what’s been stated by virtue of its shareholding in the fund.”