The International Monetary Fund has paved the way for about $2.3 billion in fresh financing for Egypt following the completion of the fifth and sixth reviews of Egypt’s economic reform programme and the first review under its Resilience and Sustainability Facility.
Economic reforms and sound fiscal positions are offsetting the impact of regional conflicts and lower oil prices on the ratings of Middle East and North Africa (Mena) sovereigns, according to a new report by Fitch Ratings.
Saudi Arabia has achieved 93% of the targets set for its Vision 2030 programmes and strategies after a decade of reforms that have transformed the Kingdom’s economy and strengthened its resilience to external shocks, HRH Prince Mohammed bin Salman, the Crown Prince and Prime Minister, said on Wednesday.
Bahrain has launched the largest financial and tax reform package in its history to address a soaring $50 billion public debt, said media reports. The key fiscal reforms plan includes raising fuel and natural gas prices and bringing changes to corporate income tax and spending cuts.
