Finance Minister Mursi Saeed Hijazi says Egypt is working on an economic reform program and is focused on negotiations for the larger IMF loan, explaining why Egypt declined the $750 million IMF rescue.
He said Tuesday that Egypt's economy is on the path to recovery.
The loan, part of the body's Rapid Financing Instrument, would not have been a substitute for Egypt's multibillion dollar request.
Egypt's economy has struggled in the past two years due to political turmoil. Foreign currency reserves have dropped to a critical level of $13.5 billion. |