IMF cancels Cairo visit after military council rejects foreign loans

A source close to the International Monetary Fund (IMF) said the fund cancelled a visit to Cairo scheduled for July after the ruling military council rejected foreign loan offers so as not to laden future Egyptian governments with debt.

But the source said the IMF would continue to cooperate with Egypt to improve its economy.

The source added that an IMF delegation visited Cairo three weeks ago and took a copy of the state budget to submit to its board, which at the time was considering granting Egypt loans.

World Bank officials expressed their understanding of the council’s decision, saying it was rational. They also said cooperation with Egypt would continue, pointing to infrastructure projects such as power stations in Ain Sokhna and Helwan.

Translated from the Arabic Edition

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