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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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China Seeks to Bolster Ports and Aviation Hubs in Western Regions

The city skyline is reflected in a pool left on the dry riverbed of the receding Jialing river, a tributary of the Yangtze, that is approaching record-low water levels during a regional drought in Chongqing, China, August 20, 2022. (Reuters)
The city skyline is reflected in a pool left on the dry riverbed of the receding Jialing river, a tributary of the Yangtze, that is approaching record-low water levels during a regional drought in Chongqing, China, August 20, 2022. (Reuters)
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China Seeks to Bolster Ports and Aviation Hubs in Western Regions

The city skyline is reflected in a pool left on the dry riverbed of the receding Jialing river, a tributary of the Yangtze, that is approaching record-low water levels during a regional drought in Chongqing, China, August 20, 2022. (Reuters)
The city skyline is reflected in a pool left on the dry riverbed of the receding Jialing river, a tributary of the Yangtze, that is approaching record-low water levels during a regional drought in Chongqing, China, August 20, 2022. (Reuters)

China said on Sunday it would launch 15 measures to bolster the development of its western provinces with the construction of logistical infrastructure such as ports and aviation hubs.

The General Administration of Customs said the measures would enhance the integration of rail, air, river and sea links in China's west, state media reported.

The measures are to include enhancing international aviation hubs in cities including Chengdu, Chongqing, Kunming, Xi'an and Urumqi, while developing comprehensive bonded zones, and integrating these with ports and other transport links.

A number of ports would also be built and expanded.

China has long sought to bolster the economic heft of its western regions, which have markedly lagged coastal provinces.

China's western regions comprise around two-thirds of the country's land area and include regions such as Sichuan, Chongqing, Yunnan, Xinjiang and Tibet.

China's Politburo last year called for a "new urbanization" of western China to revitalize rural areas, expand poverty alleviation efforts and strengthen energy resources. Efforts have also been made to increase linkages to Europe and South Asia through trade corridors including rail freight routes.