The Egyptian government currently has no intention to borrow money from the International Monetary Fund, according to the minister of investment, Ashraf Salman.
Salman pointed out in a press conference on Sunday that the IMF mission visiting Egypt merely aims to identify the economic reforms taken by the Egyptian government.
"Egypt has committed to paying all the dues of foreign partners," Salman said, pointing to a proposal from the finance and petroleum ministries to issue bonds to repay foreign oil companies’ debts.
The minister of finance has previously said that the government is seeking to issue bonds ranging between US$1billion and $1.5 billion to pay off the debts of foreign oil companies which exceed $6 billion.
Media reports had said this morning that the government was considering borrowing from the IMF next year in order to repay the debts.
Egypt currently has the right to borrow $10.4 billion from the IMF.
