BAGHDAD — An Iraqi official said Baghdad has rejected a request from Egypt for a $4 billion bond to be deposited in Egypt’s central bank to bolster its faltering economy.



The official said Friday that it’s “too risky” to deposit such a large sum in Egypt but that talks are continuing for a smaller amount.



The official didn’t elaborate. He spoke on condition of anonymity because he wasn’t authorized to talk to the media.



In Egypt, the presidency’s media office confirmed in a statement to The Associated Press that discussions with Iraq are ongoing.



Egypt’s planning minister, Ashraf El-Araby, visited Iraq this week.



Egypt has sought help from several oil-wealthy Arab countries to shore up reserves in its central bank, which were depleted in the aftermath of Hosni Mubarak’s 2011 ouster.



Egypt is being plagued by repeated power cuts because it does not have money to buy enough fuel, the oil ministry said Thursday.



Rolling power cuts in the country of 83 million people are due to “the electricity sector’s failure to secure needed funds for buying liquefied fuel for some power stations,” the state’s MENA news agency quoted a ministry official as saying.



Power stations have been forced to resort to alternative fuels, which do not provide the required energy, the official said.



Fuel-laden ships have been docked at Egyptian ports for three weeks but have not unloaded their cargo because there are no funds, he added. – Agencies