Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Egypt Says It Doesn’t Need IMF, World Bank Cash ‘At the Moment’

June 25 (Bloomberg) -- Egypt doesn’t need to borrow from the International Monetary Fund and World Bank “at the moment” after it cut its budget-deficit goal for the fiscal year starting July 1, Finance Minister Samir Radwan said.

“We don’t need to borrow from the bank and the fund at the moment,” Radwan said in a phone interview today. “We had a budget deficit of 11 percent; we now have a budget deficit of 8.6 percent” of gross domestic product, he said.

A delegation from the IMF announced on June 5 that it agreed to a $3 billion loan for Egypt. The 12-month loan was part of a broader international support package for the country after the uprising that resulted in the ouster of President Hosni Mubarak hurt revenue from tourism and industry.

The IMF cut its 2011 economic growth forecast for Egypt in April to 1 percent, from 5 percent.

To contact the reporter on this story: Mariam Fam in Cairo at mfam1@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.