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Egypt’s IMF deal, Saudi’s fiscal position and bond issuance

An expansion of Egypt’s IMF deal appears to be edging closer following meetings between its government and the Fund and US Treasury this week. A shift back towards economic orthodoxy, including the adoption of a flexible exchange rate, appears to be around the corner. Elsewhere, Saudi Arabia issued $12bn of bonds on international markets this week to support high spending. But if oil prices were to fall sharply, the viability of increased debt issuance and a loose fiscal stance will be called into question.

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