No need for IMF loan now: Investment Minister
Conference of the American Chamber of Commerce in Cairo

CAIRO: Egypt has no need to propose a loan from the International Monetary Fund (IMF) in this period, Minister of Investment Ashraf Salman told The Cairo Post Tuesday.

“[There are]no negotiations over a loan from the IMF now with government’s plans to secure hard currency from other sources within the next two months,” Salman told The Cairo Post on the sidelines of a lunch banquet hosted by the American Chamber of Commerce in Cairo.

Salman revealed that Egypt will receive around $800 million from land sale to Egyptian’ abroad as of December-end, in addition to expected budgetary support loans from the World Bank and African Bank of Development.

Egypt’s net international reserves have fallen for three consecutive months to hit $16.3 billion at September-end, down from $18.1 billion a month earlier, the Central Bank reported last week.

Meanwhile, many economists forecast that Egypt will apply for a loan from the international lender shortly after the upcoming parlaimentary elections scheduled to kick off October 16.

Speculations over the IMF loan have been aroused by a set of prior actions taken by the government such as cutting energy subsidies to slash budget deficit shortly after President Abdel Fattah al-Sisi was inaugurated in June, 2014, as well as government’s preparations to introduce a value added tax.

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