BREAKING NEWS

World Bank to take stock as Egypt scraps IMF loan

By REUTERS

JUNE 27, 2011 01:35

WASHINGTON - The World Bank said on Sunday it would have to take stock of plans to lend to Egypt after the International Monetary Fund confirmed the authorities no longer wanted an IMF-backed loan program.

Egyptian Finance Minister Samir Radwan said on Saturday Egypt would not borrow from the World Bank and the IMF after revising its budget and cutting the deficit target to 8.6 percent of gross domestic product from 11 percent.

A World Bank spokesperson said it was not informed of the decision. "As far as we are aware these discussions are ongoing and we have heard nothing from the government to suggest the contrary," a World Bank spokesperson said.

"If there is no IMF program, we will have to take stock," the spokesperson added.

The IMF said Egypt had scrapped plans for a $3 billion IMF loan agreed last month. The World Bank and other international donors usually look to the IMF as a seal of approval to lend to governments.

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