Egypt’s Finance Minister Mohamed Maait argued this week that any financing agreement with the IMF would be much smaller than the $15bn suggested by some analysts but, if anything, the drawn out nature of the talks, coupled with recent policy reforms, could hint that Egypt does not want IMF funding at all. Elsewhere, the decision by OPEC+ to raise oil output quotas by 100,000bpd on Wednesday underwhelmed many – particularly after President Biden’s trip to Jeddah – and suggests the group is taking a more restrained approach to raising output amid the global economic slowdown.
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