‘The International Monetary Fund (IMF) is a trap meant to drown Egypt in foreign loans and if Egypt accepts it, the country may soon declare bankruptcy,’ said Ibrahim Zahran, a petroleum expert, in an exclusive interview with Egypt Oil&Gas.

Zahran commented that the government should keep up with its economic reform plan and the IMF should accept that to convey good intentions. Currently, the IMF’s condition concerning the government’s subsidies is delaying the negotiations and affecting the government’s decision as to whether to approve the loan.

Previously, the government has confirmed that the current budget, which allocates EGP 35m to energy subsidies and has been approved by the parliament, will remain as is and the price of fuel will not change, as Egypt Oil&Gas reported.