Public Management

Tunisia: The IMF approves payment of sixth tranche under extended credit facility program  

Thursday, 13 June 2019 16:26
Tunisia: The IMF approves payment of sixth tranche under extended credit facility program  

(Ecofin Agency) - The International Monetary Fund (IMF) has approved the payment of $247 million to Tunisia in the framework the extended credit facility.  This was announced by the minister of great reforms  Taoufik Rajhi (photo), on June 12, 2019.  

This is the sixth tranche of a $2.8 billion support programme approved in 2016 to support economic reforms in this North African country. These reforms are notably for budget deficit and staff reduction in a bloated administrative apparatus.

This tranche included, the total payment in the framework of that credit facility is $1.6 billion. This approval paves the way for the country’s issuance of $800 million of Eurobonds to fund its budget deficit, which should be 3.9% of GDP in 2019 (down from the 5% recorded in 2018).

Tunisia whose public debt has reached 74% of GDP estimates its external funding needs to be $2.5 billion this year.

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