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Egypt's Central Bank governor denies IMF talks: source

Official source says that CBE's governor was not in Washington for IMF loan talks

Ahram Online, Thursday 17 May 2012
Central Bank
Central Bank of Egypt in downtown Cairo (Photo: Reuters)
Views: 1164
Views: 1164

Egypt's Central Bank (CBE) governor, Farouk El-Oqda, was not involved in negotiations with the International Monetary Fund (IMF) on a loan for Egypt while on a visit to Washington last week, state-run Al-Ahram reported, citing an official source in the CBE.

It was reported by Al-Ahram Sunday that El-Oqda had resumed talks with IMF officials over a $3.2 billion loan for Egypt. The Egyptian government expects to finalise the $3.2 billion loan agreement by 15 May — a move it says is necessary to help tackle a looming $10-$11 billion financing gap over the next 18 months.

The Popular Campaign to Drop Egypt's Debts (PCDED), a grassroots Egyptian campaign demanding the cancelation of the country's debt obligations, meanwhile, issued a statement in March condemning the interim government's proposals for economic reform.

PCDED claimed that the plans — ostensibly aimed at trimming the country's public debt — ignore long held popular demands for social justice and would ultimately serve to increase poverty in rural areas.

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