Importance of U.S.-China cooperation emphasized at APEC summit

IMF Managing Director Georgieva emphasized the importance of U.S.-China cooperation at the APEC summit. Biden and Xi's agreement to resume communications and address issues like fentanyl production was seen as a positive step. Georgieva also highlighted the economic impact of Israel's conflict with Hamas on Gaza, the West Bank, and neighboring economies. The IMF is considering augmenting Egypt's loan program due to economic challenges from the conflict.