Egypt’s draft FY2025/26 Budget reaffirmed the government’s commitment to fiscal austerity which should put the public debt-to-GDP ratio on a downwards path. Elsewhere, Saudi Arabia’s government widened the net of goods and services subject to VAT, highlighting that the pinch from lower oil prices is leading to further fiscal consolidation. Meanwhile, house prices have continued to climb higher in the Kingdom, adding to strains on affordability and the need for reforms to increase housing supply.
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