Deputy Prime Minister Ziad Bahaa Eddin has said that Egypt does not currently need loans from the International Monetary Fund.
Referring to the USD4.8 billion loan Egypt had applied to obtain from the International Monetary Fund, Bahaa Eddin said Saturday during a visit to the United Arab Emirates :"We are not currently under pressure to sign agreements with the IMF, and we have reservations on the fund's stance on Egypt."
He added that "we, at the timebeing, do not need the loan".
According to Bahaa Eddin, the international community is now more "responsive to cooperation" with Egypt.
"We will continue to work with the European Union soon. I have met with a number of European ambassadors who have a desire to proceed with cooperation. It is in our interest not to be isolated internationally”, he added.
The rise in domestic debts is inevitable, adding that economic tensions force investments recede, Bahaa Eddin said. He, however, explained that the government is expanding, rather than shrinking, in terms of government investments.
Edited translation from Al-Masry Al-Youm
