The Egyptian pound has remained relatively stable since last month’s devaluation, but we think policymakers need to move to a more flexible exchange rate and allow the currency to weaken further. Elsewhere, Kuwait’s cabinet resigned for the fourth time in just over two years which is likely to further weigh on efforts to pass structural reforms. And in Tunisia, President Saied hinted that he may alter members on the electoral commission tasked with overseeing this year’s parliamentary elections. This will further raise concerns of a shift away from democracy and delay a possible IMF deal.
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