Egyptian Minister of Finance Hazem al-Beblawy said Monday that Egypt would not object to a loan from the International Monetary Fund (IMF), but it had not presented an official request since declining a funding package last June. Beblawy said last week that local banks reached their maximum funding limit to cover the public deficit, and that Egypt is seeking financial support from the Gulf states. Egypt declined an IMF funding package estimated at U.S $3.2 billion (19.1 billion EGP) last June. Then-finance minister Samir Radwan said Egypt wanted to depend on domestic resources and the military council did not want to expand the debt. An IMF delegation is in Egypt to evaluate its financial needs. An official at the IMF said that Egypt did not present an official request for funding. Bebalwy said that the delegation is on a routine visit for consultation and discussion, and Egypt did not present an official request for aid yet. He also said that Egypt received U.S $1 billion (5.96 billion EGP) in support from Saudi Arabia and Qatar to cover the budget deficit, and nothing new has happened regarding the IMF fund. The United Arab Emirates proposed a U.S $3 billion (17.88 billion EGP) aid package for Egypt, but is studying the delivery mechanism.