Tunisia

As the coronavirus crisis deepens in emerging economies around the world, collapsing currencies, commodity prices, export earnings and tourism revenues threaten to shred the finances of many governments, leaving them scrambling to avoid default, the Financial Times reported. Zambia has already called in advisers to restructure its debt while Ecuador has asked for more time to make coupon payments on three dollar bonds. Few analysts believe they will be the last.

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The International Monetary Fund has successfully concluded negotiations for a $2.8bn bailout for Tunisia, the latest in a series of loans to countries in north Africa and the Middle East to help them cope with the stresses posed by a growing influx of refugees and a collapse in oil prices. Tunisia, which was home to the uprising that set off the 2011 Arab Spring, has been struggling to cope with the political and economic transition since the overthrow of Zein al-Abidine Ben Ali, the country’s former dictator.
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