Q2 budget figures show that Saudi Arabia's deficit is on track to be larger than the full-year projections set out in the Budget. Officials are turning to fiscal consolidation (via cuts to capital expenditure and raising taxes on non-oil sectors), but more will need to be done to curb the climb in the government’s debt-to-GDP ratio. Elsewhere, while Egypt's central bank revised up its inflation forecast, it still expects disinflation to continue, which should allow the monetary easing cycle to resume.
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