Sovereign Analysis /
Tunisia

Tunisia: Downgrade to Sell with reforms and IMF on backburner

  • Ongoing political crisis puts reforms and IMF on backburner, with political capital likely to be used up on referendum

  • IMF programme is necessary to backstop reforms and unlock funding given high external funding needs and limited buffers

  • BOP crisis and default is imminent without IMF programme, which is increasingly unlikely; downgrade Tunisia 25s to Sell

Tunisia: Downgrade to Sell with reforms and IMF on backburner
Patrick Curran
Tellimer Research
16 September 2021
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