We continue to view the current year as a challenging one for the Tunisian food and drink markets. Political and economic uncertainty will continue to impact investment in these industries by both domestic and foreign companies, while elevated inflation will prioritise non-discretionary purchases. In the meantime, as a result of the recent agreement between Tunisia and the International Monetary Fund on a Stand-By Arrangement (SBA), the country’s fiscal and current account positions will improve in 2013. That said, civil unrest is likely to intensify as unpopular measures are implemented, which will slow the pace of reform. Still, although the signing …
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