Egypt’s cabinet reshuffle, PMIs, Oman income tax

Egypt’s cabinet reshuffle gave the government a facelift, but it doesn’t look like there will be any U-turns on policymaking – and particularly the fiscal consolidation path. Meanwhile, the batch of PMIs released this week showed that Egypt’s economy may be starting to feel the benefits of the weaker pound. And, while surveys in the Gulf ticked down, growth in non-oil private sectors appears to have remained strong in Q2. Finally, Oman’s personal income tax, which is close to being approved, highlights the commitment to tight fiscal policy, and should also help to diversify government revenues away from oil.