The US and Saudi Arabia have stepped up security talks ahead of Crown Prince Mohammed bin Salman’s visit to the White House next month. A full defence pact is unlikely to materialise, however, given the Kingdom’s reticence to join the Abraham Accords. Elsewhere, Egypt has begun talks with the IMF over the latest reviews of its $8bn financing package but, as we had expected, it looks like the lack of progress on the privatisation drive remains a bone of contention. The crumb of comfort is that Egypt is not as reliant on IMF financing as it was a year or so ago. Finally, Morocco’s 2026 Budget outlined some steps to try to appease protestors but, overall, the fiscal stance will remain tight.
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