Senior Resident Scholar Karen E. Young commented on debt issuance in the Gulf states for MEES: “Key drivers of issuance are the availability of capital and the expected continuation of low growth in the Gulf and a tempering of austerity measures in cuts to subsidies,” She continued, “If governments ease up on expenditure cuts, there will be budget deficits, particularly with oil prices somewhat flat or below $60/B, and these will require external finance. The worst-case scenario for the debt profile of the region would be some problem in repayments starting in 2021 or 2026 [when many bonds are set to reach maturity], and, of course, any threat to currency stability.”