WB to take stock to lend Egypt

27 Jun 2011

(MENAFN) A World Bank (WB) spokesperson said that after Egyptian authorities said that they didn’t need an International Monetary Fund’s (IMF) backed loan program, the WB would take stock of plans to lend Egypt, reported Khaleej Times.

The spokesperson added that the WB didn’t receive any information directly from Egypt about its decision, adding that if there was no IMF program then the bank would have to take stock.

He also said that the Egyptian government cancelled a USD3 billion IMF loan that was reached in May, adding that the WB along with international donors would have to take the IMF approval in order to lend governments.

It is worth noting that last month, World Bank said that it would make a USD4.5 billion available over the next 24 months for Egypt that included USD1 billion this year in budget support and another USD1 billion in 2012 to help cover a huge budget deficit.

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