Egypt Far from Bankruptcy

The Cabinet's spokesman Alaa el-Hadidi has ruled out that Egypt is on the brink of bankruptcy, asserting that Egypt is still committed to timely paying loans and their interests, saying "the economic situation is good". El-Hadidi made the statement in answer to journalists' questions, but he pointed to the economic challenges that Egypt encounters to redress the budget deficit. On the recent move of the Standard and Poor's degrading Egypt's credit rating, the spokesman said it will not have an impact on the loan to be extended by the International Monetary Fund.