Policy announcements in Egypt this week, including a devaluation of the pound, have been pinned on the spill-overs from the war in Ukraine, but they have actually been some time in the making and may be paving the way for a fresh IMF deal. Elsewhere, Oman’s government announced an increase to spending this year as it takes advantage of higher oil prices. Other Gulf economies are likely to make a similar moves in the coming months, which will boost recoveries in their non-oil sectors.
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