The political economy of debt and adjustment in Tunisia, Egypt, and Lebanon

Several countries in the MENA region have been facing financial crises of unprecedented gravity. The MENA Commission on Stabilization and Growth Report describes how debt ratios started rising after the Arab Uprisings as fiscal policies became more expansionary, and how this was further precipitated by the COVID-19 pandemic, the Ukraine war, and the rise in global interest rates. The financial crises are especially acute in Lebanon, Egypt, and Tunisia, where external shocks have exacerbated deeply embedded structural weaknesses.

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