World Bank to take stock as Egypt scraps IMF loan

By REUTERS
June 27, 2011 01:35

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user uxperience almost completely free of ads
  • Access to our Premium Section and our monthly magazine to learn Hebrew, Ivrit
  • Content from the award-winning Jerusalem Repor
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later Don't show it again

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.

Related Content

Breaking news
July 16, 2018
EU's Tusk calls on China, US, Russia not to start trade wars

By REUTERS