The International Monetary Fund (IMF) works to realize Egyptian interests, not to shower the country with debt, said Christine Lagarde, managing director of the IMF. Lagarde said she seeks to gain the confidence of her Egyptian counterparts and the members of the Egyptian government. "We look forward to supporting Egypt financially and technically in addition to other loan programs we provide to the member states without any other objectives." In a press conference, Lagarde said that the IMF works to gain the confidence of the whole world, especially Middle Eastern states. She added that the results of the Deauville meeting were good, with countries participating offering U.S. $38 billion (226.5 billion EGP) to Egypt, Tunisia and Morocco and another $35 billion (208 billion EGP) to other states of the Arab spring. The IMF expected that Egypt's economy grow at 1.8 percent at the end of the current fiscal year, and at 4.0 percent in 2012-2013. Massoud Ahmed, manager of the Middle East and Central Asia region at the IMF, expressed his optimism of the changes achieved by Egyptian economic policies such as changing the subsidies system. He added that the IMF is ready to offer financial aid to Egypt if there is a need for a short-term funding. The ruling Supreme Council of the Armed Forces (SCAF) refused a U.S. $3 billion loan from the IMF, pledging to resolve the budget deficit using local sources and loans from Arab governments.