Orient Weekly Watch: CSIORS Edition - Friday, January 12th, 2024

The New Arab: IMF and United States Commit to Providing Additional Assistance to Egypt Amid Economic Challenges

Yellen and Georgieva express support for Egypt's economy during DC meetings. Talks aim to boost the existing US$3 billion Extended Fund Facility in light of recent challenges, including the Israeli offensive on Gaza. The IMF remains committed, but reviews for the loan have been postponed, leading to speculation about President al-Sisi's political strategy amid economic difficulties.

Cnbc.com: Saudi Arabia Increases Estimate for the Value of Its Mineral Resources by Almost Double

Saudi Arabia doubled its mineral resource estimate to $2.5 trillion during the Future Minerals Forum. Minister Al Khorayef attributed the increase to reforms, with $20 billion in deals announced. The nation aims to issue over 30 mining licenses in 2024, aligning with Vision 2030's goal to diversify the economy. Al Khorayef expressed optimism, citing ongoing projects and a $182 million mineral exploration incentive program.

Aljazeera.com: Turkey, Romania, and Bulgaria, NATO Allies, Sign Agreement to Remove Mines in the Black Sea

Turkey, Romania, and Bulgaria collaborate to address the growing threat of drifting mines in the Black Sea since the Russia-Ukraine war. The Mine Countermeasures Task Group, comprising three NATO allies, deploys ships to clear the mines endangering shipping routes. The initiative may expand to include other Black Sea states after the conflict. Turkey's recent decision to block British-donated minehunter vessels for Ukraine is based on the 1936 Montreux Convention. Both Russia and Ukraine accuse each other of stray mines along the Black Sea coasts.