No loans need to Egypt from World Bank or ABD

The Egyptian government told the World Bank and the African Bank or Development that it was not in need of the financing program the two international institutions pledged to implement for Egypt.

ÊÊÊ Egypt decided to delay implementation of the 1 billion Dollar program after the major improvement conditions in Egypt during the past period.

ÊÊÊ Mahmoud Ayyoub, Board Chairman of Egypt's section at the World Bank, said at a press conference on Wednesday, on the occasion. of the visit to Egypt paid by World Bank president James Wolfenson.

ÊÊÊ On Friday, that the Egyptian government informed the bank of the postponement of the program with continuations and studies related to the program

ÊÊÊ He said the deficit in the balance of payments in Egypt was better then expected.

ÊÊÊ He said that financial institutions expected the deficit to reach 2 billion dollars but did not exceed 200 million.

ÊÊÊ Meanwhile, Ayyuob stressed the importance of the four-day visit to Egypt by Wolfenson who will be received by President Hosni Mubarak.

ÊÊÊ Wolfenson will have talks with Prime Minister Atef Ebeid the economic and members of the economic group. He will attend an opening ceremony of a non-governmental organization for training in the handicraft, industry established in collaboration between the World Bank and USAID.

ÊÊÊ The World Bank president will meet Arab League Secretary General Amr Moussa and with members of the Egyptian Council for foreign relations and the Egyptian center for economic studies.