Why Did Egypt Reject Loans from World Bank and International Monetary Fund?

Why did Egypt reject IMF/WB loans?

Posted: 27 Jun 2011 04:52 AM PDT

This post has been updated below.
It's a question whose answer escapes me. Egypt is facing an economic crisis in the year ahead, even if there are some signs of recovery from the dire months immediately during and after the revolution, and has a long-running fiscal deficit problem that's only getting worse. Why is it not taking money that comes fairly cheaply (in the sense of low interest rates and not many strings attached) and that it could use for some stimulus spending to accelerate the recovery?
Reuters reported:

Egypt will not borrow from the World Bank and International Monetary Fund after revising its budget and cutting the forecast deficit, even though a loan had been agreed, Finance Minister Samir Radwan said Saturday.
The 2011/12 deficit in the first draft budget was forecast at 11 percent of gross domestic product, but was revised to 8.6 percent because of a national dialogue and the ruling army council's concerns about debt levels, the minister told Reuters.