Egypt appears to be edging closer toward reaching a new IMF deal with officials having made positive steps in recent months to address the exchange rate, fiscal policy, and structural reforms, all of which are long-held concerns of the Fund. However, the IMF will want to see a credible commitment to these policies and the central bank's subsidised loan schemes have now emerged as a stumbling block. Elsewhere, comments from Saudi Arabia’s Energy Minister Abdulaziz bin Salman that OPEC+ could “cut production at any time” is likely to just be posturing but it adds to signs that the group will take a cautious approach to oil production.
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