IMF Approves Release of $820 Million for Egypt, Calls for More Reforms

The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington, US, April 8, 2019. REUTERS/Yuri Gripas
The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington, US, April 8, 2019. REUTERS/Yuri Gripas
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IMF Approves Release of $820 Million for Egypt, Calls for More Reforms

The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington, US, April 8, 2019. REUTERS/Yuri Gripas
The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington, US, April 8, 2019. REUTERS/Yuri Gripas

The International Monetary Fund said on Monday it had completed a review allowing Egypt to draw $820 million, saying efforts to restore macroeconomic stability had started to yield results but urging more progress on reining in state-owned enterprises.

The review is the third under Egypt's latest 46-month IMF loan program, which was approved in 2022 and expanded to $8 billion this year following an economic crisis marked by high inflation and severe foreign currency shortages.

Egypt says it has shifted to a flexible exchange rate regime, a policy the IMF said on Monday remains “a cornerstone of the authorities' program.”

“Inflationary pressures are gradually abating, foreign exchange shortages have been eliminated, and fiscal targets (including related to spending by large infrastructure projects) were met,” an IMF statement said, according to Reuters.

“While there has been progress on some critical structural reforms, greater efforts are needed to implement the State Ownership Policy (SOP),” it added.

The Fund called on Egypt to accelerate a program of divestment of state-owned enterprises and carry out reforms to prevent them from using unfair competitive practices.

It also said Egypt, where falling natural gas production has contributed to daily power cuts since last year, needed to contain fiscal risks from the energy sector.

“Restoring energy prices to their cost recovery levels, including retail fuel prices by December 2025, is essential to supporting the smooth provision of energy to the population and reducing imbalances in the sector,” the IMF quoted its Deputy Managing Director Antoinette M. Sayeh as saying.

Egypt raised domestic fuel prices by up to 15% ahead of the IMF review, which had been postponed from July 10.



Oil Jumps 7% as Iran Escalates Attacks on Gulf Shipping

09 March 2026, China, Hong Kong: Oil Storage Tanks at the SINOPEC Oil Terminal at Tsing Yi in Hong Kong. Photo: Vernon Yuen/Nexpher via ZUMA Press Wire/dpa
09 March 2026, China, Hong Kong: Oil Storage Tanks at the SINOPEC Oil Terminal at Tsing Yi in Hong Kong. Photo: Vernon Yuen/Nexpher via ZUMA Press Wire/dpa
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Oil Jumps 7% as Iran Escalates Attacks on Gulf Shipping

09 March 2026, China, Hong Kong: Oil Storage Tanks at the SINOPEC Oil Terminal at Tsing Yi in Hong Kong. Photo: Vernon Yuen/Nexpher via ZUMA Press Wire/dpa
09 March 2026, China, Hong Kong: Oil Storage Tanks at the SINOPEC Oil Terminal at Tsing Yi in Hong Kong. Photo: Vernon Yuen/Nexpher via ZUMA Press Wire/dpa

Oil prices rose sharply on Thursday as Iran stepped up attacks on oil and transport facilities across the Middle East, fuelling concerns of a prolonged conflict and potential disruptions to oil flows through the Strait of Hormuz.

Brent futures climbed $6.41, or 7%, to $98.45 a barrel by 1235 GMT, having hit $100 per barrel in earlier trading, while US West Texas Intermediate crude was up $5.98, or 6.85%, at $93.23.

Prices extended gains on Thursday, after US Energy Secretary Chris Wright told CNBC that the Navy cannot escort ships through the Strait of Hormuz now but it was "quite likely" that could happen by the end of the month. Brent hit $119.50 a barrel on Monday, its highest since mid-2022, then dropped after US President Donald Trump said the Iran war could be over soon. The war in the Middle East is causing the biggest oil-supply disruption in the history of global markets, the International Energy Agency said on Thursday, a day after approving the release of a record volume of 400 million barrels of oil from strategic stockpiles.

Middle East Gulf countries have cut total oil production by at least 10 million barrels per day - a volume equalling almost 10% of world demand, the agency said in its latest monthly oil market report, Reuters reported.

A detailed breakdown has not been provided yet, so there is some scepticism in the market that the full volume will actually be released, Energy Aspects analysts said, adding that a total of 400 million barrels of mostly crude and some products inventories is only equivalent to 25 days of the current disruption to flows.

Goldman Sachs forecast Brent crude prices would average $98 per barrel in March and April before declining to $71 by the fourth quarter, but warned that in an upside-risk scenario, where flows through the strait are disrupted for a month, the March and April average could surge to $110.

"The only way to see oil prices trade lower on a sustained basis is by getting oil flowing through the Strait of Hormuz," ING analysts said. "Failing to do so means that the market highs are still ahead of us."
Explosive-laden Iranian boats appear to have attacked two fuel tankers in Iraqi waters, setting them ablaze and killing one crew member on Wednesday after projectiles struck four vessels in Gulf waters, according to port, maritime security and risk firms.


IEA: World Faces Largest-ever Oil Supply Disruption on Middle East War

This photograph shows the entrance to the International Energy Agency (IEA) headquarters in Paris on March 11, 2026. (Photo by Ludovic MARIN / AFP)
This photograph shows the entrance to the International Energy Agency (IEA) headquarters in Paris on March 11, 2026. (Photo by Ludovic MARIN / AFP)
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IEA: World Faces Largest-ever Oil Supply Disruption on Middle East War

This photograph shows the entrance to the International Energy Agency (IEA) headquarters in Paris on March 11, 2026. (Photo by Ludovic MARIN / AFP)
This photograph shows the entrance to the International Energy Agency (IEA) headquarters in Paris on March 11, 2026. (Photo by Ludovic MARIN / AFP)

The war in the Middle East is creating the biggest oil supply disruption in history, the International Energy Agency said on Thursday, a day after it agreed to release a record volume from strategic stockpiles to offset shortages and a spike in prices.

Global supply is expected to drop by 8 million barrels per ⁠day in March, the ⁠IEA said in its latest monthly oil market report, due to the blocking of the Strait of Hormuz, a narrow channel along the Iranian coast, since the US and Israel began a campaign of airstrikes on Iran on February 28.

Middle East Gulf countries including Iraq, Qatar, Kuwait, the United Arab Emirates and ⁠Saudi Arabia have cut total oil production by at least 10 million bpd - a volume equal to almost 10% of world demand - as a result of the conflict, Reuters quoted the IEA as saying.

The agency added that, without a rapid restart of shipping flows, these losses were set to increase.

"Shut-in upstream production will take weeks and, in some cases, months to return to pre-crisis levels depending on the degree of field complexity and the timing for workers, equipment and resources to return to the region," the agency said.

The ⁠IEA, which ⁠advises industrialized countries, on Wednesday agreed to release a record 400 million barrels of oil from strategic stockpiles held by member nations to combat a spike in global crude prices since the start of the US-Israeli war on Iran, with the US contributing the bulk of the supply.

Oil prices rose on Thursday, as Iran stepped up attacks on oil and transport facilities across the Middle East, raising fears of a prolonged conflict and continued oil-flow disruptions through the Strait of Hormuz.

Brent crude, which hit $119.50 a barrel on Monday, its highest since mid-2022, was up more than 6% on Thursday at just below $98 a barrel.


Saudi Arabia Declares 2026 ‘Year of Artificial Intelligence’ to Boost Data Economy

Abdullah Al-Ghamdi, President of Saudi Data and Al Authority, speaks during the Global Al Summit in Riyadh, Saudi Arabia October 21, 2020. REUTERS/Ahmed Yosri  
Abdullah Al-Ghamdi, President of Saudi Data and Al Authority, speaks during the Global Al Summit in Riyadh, Saudi Arabia October 21, 2020. REUTERS/Ahmed Yosri  
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Saudi Arabia Declares 2026 ‘Year of Artificial Intelligence’ to Boost Data Economy

Abdullah Al-Ghamdi, President of Saudi Data and Al Authority, speaks during the Global Al Summit in Riyadh, Saudi Arabia October 21, 2020. REUTERS/Ahmed Yosri  
Abdullah Al-Ghamdi, President of Saudi Data and Al Authority, speaks during the Global Al Summit in Riyadh, Saudi Arabia October 21, 2020. REUTERS/Ahmed Yosri  

As the global race toward a digital economy accelerates and the world enters a new era driven by algorithms, Saudi Arabia is positioning itself as a key player in the future of advanced technologies.

The Saudi Cabinet has declared 2026 the “Year of Artificial Intelligence,” a decision that reflects a strategic direction placing AI at the center of the Kingdom’s development policies in the coming years.

“This step embodies the vision of Crown Prince and Prime Minister Mohammed bin Salman, aimed at strengthening the Kingdom’s global standing in advanced technologies and creating broad national momentum around their role in shaping a smarter and more sustainable future,” said Abdullah Al-Ghamdi, president of the Saudi Data and Artificial Intelligence Authority (SDAIA), in a statement issued after the decision.

Al-Ghamdi added that the “Year of Artificial Intelligence” reflects Saudi Arabia’s scientific, cultural and humanitarian commitment to deploying these technologies in service of humanity and making them an effective tool for improving people’s lives worldwide.

He said the nationwide celebration of the year highlights the kingdom’s position as an international hub for advanced technologies and an influential actor in shaping global AI policy.

According to Al-Ghamdi, artificial intelligence has become one of the most powerful drivers of the global economy. Advanced economies increasingly rely on it to boost growth and improve quality of life by transforming vital sectors such as healthcare, education, transport, energy and security, while accelerating innovation and strengthening competitiveness.

Building a National AI Ecosystem

In recent years, the Saudi Data and Artificial Intelligence Authority, established by royal decree in 2019 with direct support from Crown Prince Mohammed bin Salman, has worked to build an integrated national ecosystem for data and artificial intelligence.

This effort has included expanding digital infrastructure, launching the National Strategy for Data and Artificial Intelligence, developing regulatory and governance frameworks, and introducing national platforms and programs to encourage the adoption of AI technologies across multiple sectors.

The authority has also hosted major international events in the field, most notably the Global AI Summit, which is preparing to hold its fourth edition in September under the patronage of the Crown Prince. The summit brings together leading experts, policymakers, and major technology companies from around the world.

These initiatives have helped Saudi Arabia achieve advanced rankings in several global indices related to data and artificial intelligence. They have also expanded the use of smart technologies across government, private and nonprofit sectors, improving service efficiency, boosting innovation, and stimulating the digital economy.

As part of efforts to build national capabilities, SDAIA trained more than one million Saudi citizens in artificial intelligence technologies within a single year through the SMAI initiative, reflecting the kingdom’s strategy of preparing a generation capable of working with emerging technologies and leading the country’s digital transformation.

Saudi Arabia’s AI sector is also experiencing rapid investment growth. Government spending on artificial intelligence and emerging technologies rose 56.25 percent in 2024 compared with 2023, according to the Saudi Press Agency.

Meanwhile, Saudi companies operating in the AI sector secured $9.1 billion in funding last year through 70 investment deals, while the number of companies working in the data and artificial intelligence sector has reached 664.

Expanding Technological Infrastructure

At the same time, Saudi Arabia has significantly expanded its technological infrastructure.

Data center capacity increased 42.4 percent between 2023 and 2024, alongside the launch of advanced projects such as the high-performance supercomputer Shaheen 3 and the development of global-scale data centers designed to support artificial intelligence applications.

In early 2026, the Kingdom also inaugurated Hexagon, the world’s largest government data center, with a capacity of 480 megawatts. Saudi Arabia now hosts nine cloud regions, four of which are under construction by global cloud service providers.

In addition, more than 430 government systems have been integrated into the National Data Lake, strengthening the country’s data infrastructure.

Saudi Arabia’s efforts extend beyond the domestic arena. The Kingdom has supported international initiatives promoting the responsible use of artificial intelligence in line with the United Nations Sustainable Development Goals.

Among the most notable initiatives is the establishment in Riyadh of the International Center for Artificial Intelligence Research and Ethics (ICAIRE) under the auspices of UNESCO.

As part of strengthening the national AI ecosystem, Crown Prince Mohammed bin Salman announced in May 2025 the launch of Humain, a company owned by the Public Investment Fund, Saudi Arabia’s sovereign wealth fund. The firm aims to develop and manage artificial intelligence solutions and invest across the sector.

The company is working on advanced AI models, including one of the most prominent large language models in Arabic. It is also developing next-generation data centers and cloud computing infrastructure, strengthening local technological capabilities and opening new opportunities for the digital economy both regionally and globally.

The Public Investment Fund and its portfolio companies are also supporting the AI ecosystem through investments and international partnerships, leveraging Saudi Arabia’s strategic geographic position between three continents, which facilitates connections between global data networks and enables rapid processing of vast data volumes.

The Kingdom’s rapidly growing economy and large youth population interested in emerging technologies are also contributing to capacity building, research and innovation in the field.