Budget figures released this week in Saudi Arabia showed that the government loosened fiscal policy in Q2 but the authorities probably have to reverse course in the coming months. Meanwhile, reports that the Saudi BinLadin Group aims to restructure up to $30bn of debt highlights the pain caused by the austerity imposed in 2014-16 and could deal a significant blow to Saudi banks. Elsewhere, Tunisia’s presidential elections have been brought forward after the death of Beji Caid Essebsi and whoever comes to power faces a tough task of tackling the country’s large macro imbalances.
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