The IMF Executive Board is set to approve Egypt’s deal next week, but it’s notable that Tunisia staff-level agreement doesn’t seem to be on the Board’s agenda and the uncertainty will add to threat of a disorderly sovereign default. Elsewhere, Saudi Arabia’s 2023 Budget outlined that fiscal policy will be kept much looser than officials had expected even a year ago. And finally, China’s President Xi Jinping received a grandiose reception in Saudi Arabia this week, reinforcing our view that the Kingdom is leaning toward China’s sphere of influence.
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