The recent slump in oil prices is unlikely to cause major economic ructions in the Gulf, although it does look like policymakers will push ahead with an oil output cut at next week’s OPEC meeting. Meanwhile, comments from Egypt’s finance minister that the government will not seek a renewal of its IMF deal are not surprising given the improvement in macroeconomic stability in recent years. But some form of future engagement with the Fund would ease fears that the authorities’ commitment to reforms is waning.
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