Egypt has told the International Monetary Fund it has no need for an IMF loan program, an IMF spokesman said on Saturday.

The IMF said revisions to Egypt's 2011/12 budget will cut the fiscal target to 8.6 percent of gross domestic product from 11 percent.

In light of these changes, the authorities see no immediate need for a financial arrangement from the IMF, the spokesman said, adding: The IMF continues to maintain a close policy dialogue with the authorities.

(Reporting by Lesley Wroughton, Editing by Sandra Maler)

International Monetary Fund Egypt