Sovereign Analysis /
Tunisia

Tunisia: Why the external position is worse than it looks

  • Entire reserve increase in recent years explained by increase in short-term credits, the bulk of which to SOEs

  • Worsening shortages of key imports and financial difficulties at SOEs suggest problems rolling these credits over

  • Financing gap will become insurmountable absent major reforms, which seem increasingly unlikely; retain Sell

Tunisia: Why the external position is worse than it looks
Patrick Curran
Tellimer Research
13 December 2021
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