IMF cancels trip to Egypt

CAIRO, July 1 (UPI) -- An International Monetary Fund visit to Egypt in July has been canceled as the country turned down new foreign loans, a source told al-Masry al-Youm.

Egypt's ruling military council has rejected the loans to avoid passing debt to future governments, the news agency said.

World Bank officials considered the council's reasoning to be sound. The refusal to incur new debt, they said, would also not interfere with World Bank involvement in projects already in progress.