Saudi Arabia’s decision to temporarily halt religious pilgrimages to the Kingdom adds to the downside risks to economic growth this year. Rumours suggest that Lebanon may delay payment on the $1.2bn Eurobond repayment in March as it scrambles to put together a restructuring plan, but an outright default seems increasingly likely. Finally, Tunisia's new government was approved this week but, given the large current account deficit and pressure from the IMF, the prime minister's pledge to preserve the value of the currency is likely to fail.
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