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Egypt army only wants foreign loans in extreme need

By REUTERS

DECEMBER 8, 2011 07:42

CAIRO - Egypt's army said it has not accepted a $3.2 billion financing facility from the International Monetary Fund because it did not want to build up debts while it was in power for a transitional period.

But General Mokhtar al-Mullah, a member of the ruling military council, said the prime minister or finance minister would have the authority to agree to such a facility from outside in the case of "extreme need".

Egypt negotiated a $3.2 billion facility with the IMF earlier this year, only to turn it down in the summer. Since then it has sent conflicting messages about whether Egypt still wants the funds, even as the economy has hit the buffers.

The finance minister at the time had said the army was wary of building up debt and said Egypt would rely on domestic sources of funding.

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