Finance Ministry asks for loan from Arab Monetary Fund

The Finance Ministry has asked the People’s Assembly Economic Affairs Committee at the People's Assembly (PA) to approve a LE250 million loan from the Arab Monetary Fund (AMF) in order to restructure the ministry, committee member Ibrahim Abdel Rahman said.

The committee postponed discussion of the loan request until the finance minister explains how the loan will be spent, as the request was “unclear” and does not explain the needs of the ministry for the restructure process, Abdel Rahman told Al-Masry Al-Youm.

The committee objects to the loan if it is for the training of ministry staff, as this does not require international loans, he added.

The loan can be used to create local resources, not to restructure ministries, he said.

An earlier US$200 million loan from the AMF was the subject of controversy because it was not reviewed by the committee but was reviewed and dispersed by the ministry, he said, adding that the government gave it to the Central Bank to support the foreign currency reserve.

Edited translation from Al-Masry Al-Youm

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