A few more details of the Aramco IPO have trickled out in the last few days and we now know that 2% of the firm will be listed on the Tadawul on 11th December. The funds from the IPO wouldn’t be quite enough to fully finance the budget deficit over the next year and so won’t change the direction of fiscal policy. This was supported by the latest budget data and recent comments from government officials. Elsewhere, there are growing signs that policymakers in Lebanon are looking at ways of protecting the banking system in the event of a possible sovereign debt restructuring.
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