Kuwait’s new public debt law is likely to be passed soon and should allow for a looser fiscal stance, something that shouldn’t raise any concerns given the debt-to-GDP ratio is less than 5%. Elsewhere, we think the 25bp rate cut by Morocco’s central bank this week is likely to be followed up by at least one more reduction. Finally, the ceasefire between Israel and Hamas collapsed this week, which will prolong the negative economic spillovers for Egypt and Jordan.
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