{"id":655072,"date":"2024-11-12T00:00:00","date_gmt":"2024-11-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/12\/egypt-asks-imf-for-additional-usd-700-mn-in-funds\/"},"modified":"2024-11-12T00:00:00","modified_gmt":"2024-11-12T00:00:00","slug":"egypt-asks-imf-for-additional-usd-700-mn-in-funds","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/12\/egypt-asks-imf-for-additional-usd-700-mn-in-funds\/","title":{"rendered":"Egypt asks IMF for additional USD 700 mn in funds"},"content":{"rendered":"

Good afternoon folks, and happy Tuesday.<\/strong> We\u2019ve got you covered with all the latest \u2014 from the government\u2019s request to increase our IMF loan, to the crypto industry\u2019s ongoing charm offensive in Washington.<\/p>\n

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THE BIG STORY TODAY<\/p>\n

Egypt requests additional USD 700 mn for incoming IMF tranche:<\/strong> Egypt has reportedly asked the International Monetary Fund (IMF) to increase its next disbursement under its USD 8 bn loan program to USD 2 bn \u2014 USD 700 mn more than the originally agreed upon USD 1.3 bn, anonymous government sources tell Asharq Business<\/a>. The tranche, which is set to be disbursed once the IMF completes its ongoing fourth review<\/a>, had already been set to be the largest that Egypt has received from the program to date.<\/p>\n

Remember:<\/strong> The move comes as Egypt seeks to re-evaluate the terms and timeline of agreed-upon reforms with the IMF \u2014 negotiations that Prime Minister Moustafa Madbouly previously indicated<\/a> were not linked to any potential increase in the total size of Egypt\u2019s loan program with the fund.<\/p>\n

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THE BIG STORY ABROAD<\/p>\n

Big Oil 1, climate activists 0:<\/strong> London-based oil and gas giant Shell dodged a major emissions mandate this morning after the Hague Court of Appeal overturned a 2021 ruling that would have required the company to cut greenhouse gas emissions by 45% from 2019 levels by 2030. While the court acknowledged Shell\u2019s obligation to limit emissions, it stopped short of enforcing specific targets for the firm \u2014 with the decision coming as world leaders kicked off the second day of the already contentious<\/a> COP29 climate conference in Baku. (Financial Times<\/a>, Reuters<\/a>)<\/p>\n

Donald Trump is expected to nominate Florida senator Marco Rubio as US Secretary of <\/strong>State,<\/strong> positioning the staunch China hawk and harsh critic of governments in Iran, Cuba, and Venezuela as a key foreign policy player in the coming Trump administration. The expected nomination adds another US military veteran and outspoken opponent of China\u2019s policies in the Asia-Pacific to Trump\u2019s foreign policy team, which is also expected to include prominent China critic Mike Waltz<\/a> as National Security Advisor. (Reuters<\/a>, Bloomberg<\/a>, Financial Times<\/a>)<\/p>\n

And across the Atlantic, the EU is moving to prepare for an end to US support for NATO <\/strong>and Ukraine<\/strong>, with Brussels announcing a new policy that will allow nearly a third of the bloc\u2019s common budget<\/a> to be redirected to defense and military projects. Under the policy shift\u2019s terms, the bloc\u2019s EUR 392 bn cohesion fund \u2014 historically aimed at reducing inequality across the bloc \u2014 could now be used to bolster defense industries and upgrade infrastructure for troops and equipment, though existing rules prohibit these funds from being used to fund militaries directly. <\/p>\n

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