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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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Oil Up as Israel, Hezbollah Trade Accusations of Ceasefire Violation

FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)
FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)
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Oil Up as Israel, Hezbollah Trade Accusations of Ceasefire Violation

FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)
FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)

Oil prices ticked up on Thursday after Israel and Lebanon’s Hezbollah traded accusations that their ceasefire had been violated, and as Israeli tanks fired on south Lebanon.

OPEC+ also delayed by a few days a meeting likely to extend production cuts.

Brent crude futures edged up by 30 cents, or 0.4%, to $73.13 a barrel by 1741 GMT. US West Texas Intermediate crude futures were up 23 cents, 0.3%, at $68.93. Trading was thin because of the US Thanksgiving holiday, Reuters reported.
Israel's military said the ceasefire was violated after what it called suspects, some in vehicles, arrived at several areas in the southern zone.
The deal, which took effect on Wednesday, was intended to allow people in both countries to start returning to homes in border areas shattered by 14 months of fighting.
The Middle East is one of the world's major oil-producing regions, and while the ongoing conflict has not so far not impacted supply it has been reflected in a risk premium for traders.
Elsewhere, OPEC+, comprising the Organization of the Petroleum Exporting Countries and allies including Russia, delayed its next policy meeting to Dec. 5 from Dec. 1 to avoid a conflict with another event.
Also supporting prices, OPEC+ sources have said there will again be discussion over another delay to an oil output increase scheduled for January.
"It's highly unlikely they are going to announce an increase production at this meeting," said Rory Johnston, analyst at Commodity Context.
The group pumps about half the world's oil but has maintained production cuts to support prices. It hopes to unwind those cuts, but weak global demand has forced it to delay the start of gradual increases.
A further delay has mostly been factored in to oil prices already, said Suvro Sarkar at DBS Bank. "The only question is whether it's a one-month pushback, or three, or even longer."
Depressing prices slightly, US gasoline stocks rose 3.3 million barrels in the week ending Nov. 22, the US Energy Information Administration said on Wednesday, countering expectations of a small draw in fuel stocks ahead of holiday travel.
Slowing fuel demand growth in top consumers China and the US has weighed on oil prices this year.