Egypt drops plans for IMF loan amid popular distrust

Egypt has dropped plans to seek loans from the International Monetary Fund and World Bank, Finance Minister Samir Radwan has said.

The move comes after the planned deficit in the 2011-12 budget was revised down from 11% to 8.6% of GDP, Mr Radwan told Reuters news agency.

An adviser told AFP news agency the decision had been partly a response to the "pressure of public opinion".

Many of those who took part in Egypt's uprising denounced the role of the IMF.

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