Egypt will not approach the International Monetary Fund (IMF) or the World Bank for loans, Finance Minister Hazem al-Beblawy said Wednesday. "We do not ask for loans or grants, but we will discuss all issues within the frame of cooperation with international organizations of which we are members," the minister said. Beblawy left Wednesday for a trip to Washington, where he and his delegation will attend the annual IMF and World Bank meetings to discuss global economic and financial developments. The Egyptian delegation will include Central Bank of Egypt Governor Farouk al-Oqda, Planning and International Cooperation Minister Fayza Abouelnaga, as well as a number of aides. Beblawy said the delegation will discuss the latest economic developments in post-revolution Egypt. The five-day meetings will address the economic situation in the Middle East and the Arab world in light of the Arab Spring. Following Egypt's Jaunary uprising, which toppled former President Hosni Mubarak, the IMF offered the government nearly US$3 billion in loans to support the country's economy and bridge the budget gap. But the ruling Supreme Council of the Armed Forces (SCAF) rebuffed the offer, saying that it wants to spare future generations the debt burden. On Sunday, government sources said the cabinet and the ruling military council were considering negotiations with the IMF for US$3 billion in loans to address the budget deficit. The same sources said the government had told the SCAF it was necessary to reconsider available options for bridging the fiscal year 2011/2012 budget gap.
