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M. Continuo

IMF confirms Egypt scraps plans for loan program


    WASHINGTON (Reuters) - Egypt has told the International Monetary Fund it has no need for an IMF loan program, an IMF spokesman said on Saturday.

    The IMF said revisions to Egypt's 2011/12 budget will cut the fiscal target to 8.6 percent of gross domestic product from 11 percent.

    "In light of these changes, the authorities see no immediate need for a financial arrangement from the IMF," the spokesman said, adding: "The IMF continues to maintain a close policy dialogue with the authorities."

    (Reporting by Lesley Wroughton, Editing by Sandra Maler)