Every indexed document

although Specialized Credit Institutions (SCIs)

negative to flat public sector wage growth is likely to

a higher oil price is likely to be needed.

but fiscal policy still needs to be disciplined. If

but it is unclear whether the proceeds will be ring-fenced to be used

water and electricity. Implementation of the

note that if one assumes that the 2015 budget

excluding NTP costs). We think 75% of the adjustment

which is close to what the NTP appears to be targeting in non-oil

Bank of America Merrill Lynch Global Research. PIF = Public Investment Fund. GOSI = General Organization for Social Insurance. PPA = Public Pension Agency. Based on stock prices as of 28 June 2016.

we doubt this is going to be a course policy-makers are likely to be

decrease other domestic liabilities of SAMA but

and thus calculate the current value of the

and thus calculate the current value of the stake

this could occur through holdings of the PIF rather than the

in our view. We look at this possibility to assess the potential for the MoF to use

in our view. Authorities are likely to look to improve

but there does not appear to be concrete plans for now

with the holding company to be listed later

this would only contribute to one-off financing flows alongside savings