egypt finance minister samir-radwan.jpgEgypt has dropped plans to seek loans from the International Monetary Fund (IMF) and World Bank.

Egyptian Finance Minister, Samir Radwan (pictured) says the move comes after the planned deficit in the 2011/12 budget was revised down from 11% to 8,6% of the Gross Domestic Product (GDP).

Despite apparently lenient terms on which the IMF offered the loan, many Egyptians were unhappy with the financial institution, denouncing it as a tool of imperialism, which offer assistance with which has adverse effects on the economy.