VOL. XXX

N0. 10

15-DECEMBER-1986

Financial and Banking News

BUDGETS AND REVENUES

Tunisia Announces Austerity Budget

The Tunisian Government last week unveiled a TD2,500mn ($2.9bn) budget for1987 which incorporates a TD500mn ($580mn) deficit. The volume of governmentspending is set to grow by only 4.5% in nominal terms in 1987 the lowest annualincrease for 20 years, representing a 4% decline in real terms. Currentexpenditure is set at TDl,198mn ($1,391mn), of which 70% is to pay civil service...