The Supreme Military Council has refused to approve the Egyptian general budget for 2011-2012 announced by the government. The military council refused the budget because it included articles on borrowing three billions dollars from the International Monetary Fund, with interest rate of 1.5 percent. Repayment would begin after three years, and last five years. The Egyptian government added this article to motivate the new budget and help cover the general deficit. But the Military Council did not agree with this justification. The Military Council returned the budget to the Egyptian government, asking the government to consider how to cover the deficit without resorting to foreign loans. They want to try as much as possible to prevent the coming generation from assuming such debt. The Military Council unanimously refused the loan article. The Egyptian government, headed by Essam Sharaf, was asked to reduce government expenditures and not borrow to fill the deficit .
