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Egypt: 4th Review of IMF Loan Program to Start Tuesday

A car drives near the site of the Iconic Tower skyscraper in the Central Business District and banks area, at the New Administrative Capital (NAC) east of Cairo, Egypt, November 3, 2024. REUTERS/Amr Abdallah Dalsh
A car drives near the site of the Iconic Tower skyscraper in the Central Business District and banks area, at the New Administrative Capital (NAC) east of Cairo, Egypt, November 3, 2024. REUTERS/Amr Abdallah Dalsh
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Egypt: 4th Review of IMF Loan Program to Start Tuesday

A car drives near the site of the Iconic Tower skyscraper in the Central Business District and banks area, at the New Administrative Capital (NAC) east of Cairo, Egypt, November 3, 2024. REUTERS/Amr Abdallah Dalsh
A car drives near the site of the Iconic Tower skyscraper in the Central Business District and banks area, at the New Administrative Capital (NAC) east of Cairo, Egypt, November 3, 2024. REUTERS/Amr Abdallah Dalsh

The fourth review of Egypt's loan program with the International Monetary Fund (IMF) will start on Tuesday, Egyptian Prime Minister Mostafa Madbouly said on Sunday.

The IMF increased the size of its loan to Egypt to $8 billion from $3 billion in March, as the central bank said it would allow the currency to trade freely, and amid heightened spillover risks from the Israel-Gaza war.

Credit ratings agency Fitch raised Egypt's rating to "B" from "B-" on Friday, citing the country's stronger finances on the back of several foreign investments and support, and tighter monetary conditions.

"Egypt's external finances have been bolstered... FX buffers have recovered, and we have somewhat greater confidence that the more flexible exchange rate policy will prove more durable than in the past," Fitch said, as it also assigned Egypt a stable outlook.

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Turkish Manufacturing Sector Nears Stabilization in December

01 January 2025, Türkiye, Nisantasi: People celebrate the new year in Istanbul's prestigious district of Sisli, Nisantasi. Photo: Tolga Ildun/ZUMA Press Wire/dpa
01 January 2025, Türkiye, Nisantasi: People celebrate the new year in Istanbul's prestigious district of Sisli, Nisantasi. Photo: Tolga Ildun/ZUMA Press Wire/dpa
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Turkish Manufacturing Sector Nears Stabilization in December

01 January 2025, Türkiye, Nisantasi: People celebrate the new year in Istanbul's prestigious district of Sisli, Nisantasi. Photo: Tolga Ildun/ZUMA Press Wire/dpa
01 January 2025, Türkiye, Nisantasi: People celebrate the new year in Istanbul's prestigious district of Sisli, Nisantasi. Photo: Tolga Ildun/ZUMA Press Wire/dpa

Türkiye’s manufacturing sector contracted at the slowest rate in eight months in December, a business survey showed on Thursday, in a sign that the sector is nearing stabilization.

The Purchasing Managers' Index (PMI) rose to 49.1 last month from 48.3 in November, moving nearer to the 50 threshold denoting growth, according to the survey by the Istanbul Chamber of Industry and S&P Global.

“December PMI data provided plenty of hope for the sector in 2025. While business conditions continued to moderate, the latest slowdown was only marginal as signs of improvement were seen in a range of variables across the survey,” said Andrew Harker, Economics Director at S&P Global Market Intelligence, according to Reuters.

The survey highlighted a softer moderation in production, which declined at the slowest pace in nine months, suggesting some improvement in demand.

The rate of slowdown in new orders and purchasing eased, although demand remained subdued.

“If this momentum can be built on at the start of 2025, we could see the sector return to growth. The prospects for the sector should be helped by a much more benign inflationary environment than has been the case in recent years,” Harker said.

Despite the positive signs, employment in the manufacturing sector saw a renewed decline, reversing a rise in November, the survey showed.

Input costs increased sharply due to higher raw material prices, but the rate of output price inflation slowed to its weakest in over five years as some firms offered discounts to boost sales.