The IMF authorized the disbursement of a new tranche of aid of $ 314.4 million.
After completing an audit of the Tunisian economic program, the IMF Board of Directors authorized the disbursement of a new tranche of aid of $ 314.4 million for the country under its 4-year credit program.
The IMF announced in a statement on Monday 12 June that it had completed its first audit of the Tunisian economic program, which conditioned the unblocking of a new credit tranche of $ 314.4 million (€ 280.5 million) . Overall, Tunisia has borrowed 628.8 million dollars as part of this $ 2.83 billion credit program and a 4-year period, approved by the IMF in May 2016.
This program is conditioned by the reforms to be carried out by the Tunisian Government, to reduce the fiscal deficit, to stabilize public debt below 70% of GDP by 2020, to increase investment and social expenditure and to introduce greater flexibility in The system of change and at the same time contain inflation below 4%.
IMF welcomes important progress
“The authorities have made significant progress in the restructuring of public banks.” The next step is to change the regulatory and legal framework to support the reduction of non-performing loans. Said Mitsuhiro Furusawa, IMF Deputy Director General.
The Government should also ensure the viability of pensions and better protect vulnerable families, as well as accelerate reforms aimed at improving governance and boosting employment and the private sector.
Improving public administration
“The authorities are committed to improving governance and the business environment. Establishment of the Anti-Corruption High Authority and new institutions, such as the one-stop-shop for investors, which is planned to be created, as well as Tunisia’s participation in The G20 Compact with Africa program goes in the direction of these goals, “added Mitsuhiro Furusawa.
At the end of its audit, the IMF Board of Directors has accepted the authorities’ request not to respect the performance targets on foreign exchange reserves, net domestic assets and the primary budget deficit.
Last April, the IMF had not granted the third tranche of $ 350 million from the credit program, claiming that the “difficult economic conjecture” demanded from the Tunisian authorities an “urgent and forceful response” to “maintain macroeconomic stability “And” boost job creation “.