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Egypt Won't Seek Further Funding From IMF When Program Ends

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Maait says Egypt won’t ask for further IMF funding next year, when its 12-billion dollars loan program expires.(Source: Bloomberg)
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Egypt won’t ask for further funding from the International Monetary Fund when its $12 billion program expires next year but is open to maintaining a looser relationship with the multilateral lender to reassure investors, Finance Minister Mohamed Maait said.

“We are now in a position that we don’t think we will need further funding from the IMF. That is number one,” Maait said in an interview with Bloomberg Television. Speaking at his office in Cairo, Maait said there “could be some sort of cooperation” with the Washington-based lender but “let me say again and stress again that this does not mean we’re going to ask for further financing.”