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"We started the other way around. We said we will borrow, and then are devising a program to deal with our problems," she said. "No states with large economies and huge debts would go down the road of foreign borrowing." Earlier this month, Morsi promised to overhaul the decades-old subsidies program and reiterated his pledge to abide by Islamic banking laws and not agree to pay interest on the loan, telling a cheering crowd that "we'll go hungry before we eat off interest." In an interview in the daily al-Watan newspaper on Sunday, Finance Minister Mumtaz el-Said said the reform plan will restructure energy subsidies and introduce some changes to taxes, particularly on luxury goods. He didn't elaborate. Masood Ahmed, IMF's director of the Middle East and Central Asia, recently said he expected the Egyptian program to address fiscal and external imbalances, while laying the foundation for growth and generating new jobs. The IMF will look to see if the Egyptian proposal can reduce the deficit "in a way that does not adversely affect vulnerable households and poorer people" or negatively impact growth, Ahmed said. Also Tuesday, an Egypt administrative court declared Centamin's concession agreement to extract gold from Egypt's Sukari mine void. The case is the latest incident of court rulings challenging contracts signed during the time of former President Hosni Mubarak. The rulings could fuel concerns among foreign investors. The court said the agreement's terms were unfavorable to the government, which got $19 million of the $875 million worth of gold extracted and sold. Centamin said in a statement that the court has no jurisdiction over the concession, which it said remains in force. It said it had received no written judgment.
[Associated
Press;
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