Egypt hopes a $12-billion financing deal with the IMF will usher in an economic turnaround but real progress hinges on a tough reform package avoided for decades to stave off unrest.

The financing over three years -- deemed an endorsement to attract more foreign aid -- would go together with a currency devaluation and streamlining of Egypt's bloated subsidy system.

Oil prices eased in Asia Tuesday as doubts emerged that Saudi Arabia and other major producers would reach an agreement to freeze output during a meeting next month.

Members of the Organization of Petroleum Exporting Countries (OPEC) as well as non-members are scheduled to meet informally in Algeria in September, and Saudi Arabia's oil minister Khalid al-Falih has hinted that discussions could include actions to stabilise prices.

Oil traded above $44 a barrel in Asia Monday, extending gains on hopes crude producers would agree to freeze output at a meeting next month, easing a stubborn global supply glut.

Jihadist attacks and political struggles are thwarting attempts by Libya's unity government to revive an oil industry seen as vital for the economy of the impoverished North African country.

First it was falling oil prices that plagued Nigeria, then came inflation, power shortages, and a humanitarian crisis in the north.

In a sign of how good a summer it has been in Italy, coastguards are threatening holidaymakers with fines for bagging beach spots by parking deckchairs and towels overnight.

Italy is to seek a new deal with the European Union to allow it to kickstart its stalling economy with an expansionary 2017 budget, a government minister said Saturday.

Egyptian President Abdel Fattah al-Sisi said on Saturday he would not shy from tough economic reforms he said previous rulers had avoided fearing unrest.

Sisi's comments come after an initial agreement with the International Monetary Fund for $12 billion in financing that hinges on a reform package slashing state spending and the devaluation of the Egyptian pound.

The British government pledged Saturday to match European Union funding for farmers, universities and infrastructure projects after Britain leaves the bloc, to stem fears that key sectors will be left struggling.

The commitment, intended to address uncertainty over the impact of the June 23 vote for Brexit, could cost around £4.5 billion ($5.8 billion, 5.2 billion euros) a year, finance minister Philip Hammond said. 

China must take "urgent" action to reform its economy or risk "permanently lower growth", the International Monetary Fund said in a report Friday, citing mounting corporate debt as a major concern.