Egypt declines $750 million IMF rescue loan

Last Updated: Tuesday, March 12, 2013 - 23:16

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.


Download the all new Zee News app for Android and iOS to stay up to date with latest headlines and news stories in Politics, Entertainment, Sports, Technology, Business and much more from India and around the world.

First Published: Tuesday, March 12, 2013 - 23:16

More from zeenews

comments powered by Disqus