Comments from Saudi Arabia’s Finance Minister Mohammed Al-Jadaan this week add to the evidence that spending on gigaprojects may be curtailed. But his comments pinning this on concerns about overheating somewhat miss the mark; we think it has much more to do with fiscal constraints. Elsewhere, Egypt received the second tranche of the bumper Ras el-Hekma deal that will further improve FX liquidity and the broader external position. And finally, while a boom in olive oil exports has helped Tunisia avoid severe balance of payments strains, the persistence of unorthodox monetary policies threatens a messy crisis.
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