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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