(Ecofin Agency) - Tunisia will receive $759 million from the World Bank and the International Monetary Fund (IMF) to finance government spending. Marouane El Abassi (photo), governor of the country’s Central Bank (BCT) revealed.

According to the official, relayed by Maghreb Emergent, a first tranche of $500 million should be provided by World Bank at the end of this month. This financing granted as a loan would help cover State's budgetary expenditure. The second financing ($259 million) is expected to be granted by IMF under an extended credit facility.

Let’s note that the fund comes a few weeks after the government announced an upcoming $1 billion sovereign bond issue. Tunisia hopes to reduce the budget deficit to 4.9% of GDP in 2018 from 6% last year.

Moutiou Adjibi Nourou