Egypt is in talks with China over a $4bn loan, with $1bn to support foreign reserves and $3bn to be allocated to development projects, International Cooperation Minister Sahar Nasr says. However, another Egyptian official, Deputy Finance Minister Muhammad Mu’ait, says that discussions with China are for a loan of $2bn only – a confusion that has yet to be clarified.

Egypt needs to raise $5-6bn in bilateral financing before the IMF can approve the $12bn three-year Extended Fund...