Every day at the family grocery stall in a Tunis market, Bilel Jani sees the reality of a biting economic crisis, which for many has overshadowed Tunisia’s latest political turmoil. People here are poor,” he said, handing a meagre bag of olives to a customer. “Most of our customers are living day-to-day. Monthly salaries these days don’t even cover a week.
The small North African country, roiled by years of political turmoil that deepened with President Kais Saied’s power grab last July, is also mired in a deep recession. Surging prices and job losses have hurt families that were already struggling before the coronavirus pandemic.
This week, Tunisia started preliminary talks with the International Monetary Fund over a bailout package. Such a deal would likely mean cuts to subsidies and public sector wages, which many fear would spell more suffering for the most vulnerable.
That could fuel the same kind of grievances that sparked a revolution a decade ago and brought down autocrat Zine El Abidine Ben Ali after 23 years in power.
The economic crisis since then has pushed tens of thousands of Tunisians to seek better lives overseas. The International Crisis Group think-tank warned last month that the debt-burdened treasury “can barely cover the salaries owed to public-sector workers or honour commitments to repay external loans”.
With both the government and private banks reluctant to lend to the private sector, about 80,000 small and medium-sized companies have either declared bankruptcy or left the country since early 2020.
“The economy is in a deep recession, debt is at unprecedented levels and unemployment is at 18 percent,” and much higher among the youth, said economist Ezzedine Saidane.
Source: eNCA
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