Egypt receives $2.3 billion IMF payout after review of reforms

Egypt has secured about $2.3 billion in funding from the IMF after completing two reviews of its reform program.

The payout follows a preliminary agreement reached in December covering the latest revisions of Egypt’s economic overhaul and its climate-focused financing program.

In its latest monetary policy report, the Central Bank of Egypt said the country’s macroeconomic outlook is “cautiously improving,” supported by investment from the Gulf and other countries, along with stronger tourism and money sent home by Egyptians working abroad.

Still, the IMF warned that uneven reforms, high debt and regional tensions continue to pose risks.

Macron appeals to MBS for bigger slice of Saudi industrial pie

From Riyadh to AlUla, French President Emmanuel Macron is trying to carve out a bigger role for his country as a partner in Saudi Arabia’s economic overhaul.

Following talks in the Saudi capital with Saudi Energy Minister Prince Abdulaziz bin Salman and an array of government officials and corporate executives, Macron was scheduled to meet Crown Prince Mohammed Bin Salman for dinner on Wednesday in the ancient desert city.

“We want to partner with you, meaning we want to create jobs here,” Macron told a Saudi-French business forum on Tuesday. “We want to be a partner of your vision and the vision of the Crown Prince for 2030.”

The two countries have signed a flurry of business deals during Macron’s visit, including contracts for the construction of three solar parks by French companies TotalEnergies and EDF Renewables in tandem with China’s SPIC Huanghe Hydropower Development Co.