CAIRO: Former presidential candidate Abu el-Ezz Hariri rejected on Thursday resorting to the World Bank or the International Monetary Fund (IMF) to resolve the country’s economic crisis.
Negotiations for a $4.8 billion loan from the IMF started last year and are yet to conclude.
Earlier this month, Deputy Prime Minister and International Cooperation Minister Ziad Bahaa el-Din said Egypt is not in urgent need to sign an agreement with the IMF to get the pending loan, asserting that the government is capable of executing the economic program that has been declared recently.
In statements to Youm7, Hariri said, “The government must organize the state budget in a way that permits better income distribution.”
“Egypt has many resources and fortunes. They are enough to create wealth in the country’s treasury.” Hariri said.
Hariri’s comments came shortly after Finance Minister Ahmed Galal met on Thursday the acting U.S. ambassador in Cairo, David Satterfield.
Satterfield said after the meeting that the U.S. supports Egypt with international institutions such as the IMF and the World Bank.
“Ties between countries are based on interests and Egypt is a big country, no one can disregard relations with it,” Hariri said.