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Main » 2011 » June » 26 » Egypt drops plans for IMF loan as response to popular pressure
Egypt drops plans for IMF loan as response to popular pressure
3:45 AM
According to Egypt’s Finance Minister Samir Radwan, the country has dropped plans to seek loans from the International Monetary Fund and World Bank. The decision was made after the planned deficit in the 2011-12 budget had been revised down from 11% to 8.6% of GDP. But an adviser told a news agency the decision had been partly a response to the "pressure of public opinion". In May Mr Radwan appealed to the IMF, telling the bbc.co.uk that the situation was "very difficult", and the country need extra funds to finance the demands of the people on the heels of the uprising. He agreed a $3bn 12-month stand-by loan facility but after discussions with civic and business groups and the military council, the budget forecast has been revised down from a deficit of 170 billion Egyptian pounds ($28.5bn) to 134 billion pounds, and loans are no longer needed at this stage.
Category: Economics, business | Views: 201 | Added by: | Rating: 0.0/0 |
Total comments: 1
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1 Sathosh   (2012-02-13 5:11 PM)
Revolution and White Cat are on my list too! You sholud really get around to reading Perfect Chemistry, though. I love that book!

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