Figures published this week confirmed that Saudi Arabia ran a budget deficit over 2023 and we expect another deficit this year. While the government shouldn’t struggle to finance this, if oil prices fall more sharply, it may compel officials to pare back on some of the more grandiose spending plans. Elsewhere, Egypt’s IMF deal appears to be nearing and comments from Managing Director Kristalina Georgieva point the finger squarely at exchange rate reform as a condition for a new deal. That’s necessary to attract capital inflows and allow the foreign exchange buffer to be rebuilt.
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