The Council of Ministers will discuss the Egyptian general budget for 2011-2012 again during its next meeting because the Military Council refused to approve it. Egyptian Prime Minister Essam Sharaf went to the Military Council yesterday to discuss the budget articles. The Military Council refused the budget because it included articles on borrowing three billions dollars from the International Monetary Fund, with an 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. The government said loans to cover the deficit wouldn't only come from foreign sources, but also by national loans of 113 billion EGP. The Military Council did not agree with this justification
