Tunisia and the IMF, April’s PMIs, Hajj restrictions

Tunisia’s government has jump started talks with the IMF over a fresh financing package but it may prove difficult to secure. If the talks fall apart, Tunisia would be pushed towards a messy balance of payments crisis and a sovereign debt restructuring. Elsewhere, whole economy PMIs released this week showed that recoveries in the Gulf are gradually getting underway and should pick up over the second half of the year as virus restrictions are eased. Finally, reports have suggested overseas pilgrims may be barred from attending the Hajj this year which will delay the Saudi recovery.