Egypt declines $750 million IMF rescue loan
Cairo: Egypt`s finance minister says the government has rejected an offer of a USD 750 million rescue loan from the International Monetary Fund.
The offer came after delays in finalising a USD 4.8 billion loan to bolster Egypt`s battered economy.
Finance Minister Mursi Saeed Hijazi says Egypt is working on an economic reform programme and is focused on negotiations for the larger IMF loan, explaining why Egypt declined the USD 750 million IMF rescue.
Hijazi said on Tuesday that Egypt`s economy is on the path to recovery. The loan, part of the body`s Rapid Financing Instrument, would not have been a substitute for Egypt`s multibillion dollar request.
Egypt`s economy has struggled in the past two years due to political turmoil. Foreign currency reserves have dropped to a critical level of USD 13.5 billion.
More from India
More from World
More from Sports
More from Entertaiment
- Ceasefire violations by Pak: Should India carry out surgical strike part-II?
- Pak High Commission staffer grilled for spying, asked to leave India
- Panel discussion on the need of Pakistan's ambassador in India
- Intelligence agencies warn of firing by Pakistan along LoC, international border
- Meet Lynlee Hope - Texas baby who was 'born' twice!
- Pakistan's brutality exposed; `Black Day` protesters thrashed in PoK - Video goes viral
- Pakistan High Commission staffer, briefly detained for espionage, asked to leave India in 48 hours
- Diwali 2016: Dhanteras Puja timings, Tithi and Vidhi
- Pakistan declares Indian High Commission official persona non grata, asks him to leave country