Does Egypt need the IMF anyway? Oman gets an upgrade

Egypt’s IMF review has coincided with a fresh impetus to jumpstart the lagging privatisation programme. But compared to just a couple of years ago, Egypt’s improving balance of payments position and investment from the Gulf mean that financing from the Fund is not as crucial for the economy as it once was. Elsewhere, Oman’s sovereign debt was upgraded into investment grade territory for the first time in seven years reflecting the government’s impressive consolidation efforts. That said, fiscal policy will remain tight and be a headwind to GDP growth.