Posted by: Agence Tunis Afrique Presse
Tunisia will obtain a 500-million-dollar (equivalent of 1250 MD) loan from the World Bank (WB) at the end of June to support the budget resources of the State, said governor of the Central Bank of Tunisia (BCT) Marouane Abassi.
The International Monetary Fund (IMF) will, on its part, release $ 259 million in July, the equivalent of 650 MD, under the fourth tranche of the Extended Fund Facility (EFF).
An IMF meeting is scheduled for late this month to discuss the possibility of formally approving the new tranche of the EFF, he added, on the sidelines of the signing of a co-operation agreement between the BCT and the National Anti-Corruption Authority (INLUCC).
Abassi stressed that Tunisia’s reserves in foreign currency will rise to 72 days of import, the equivalent of 10,729 MD.
Foreign exchange reserves are expected to increase, given the expected tourism receipts, he pointed out.
Tunisia is expected to welcome 8 million tourists this year, according to statements by Tourism Minister Salma Elloumi Rekik.
Speaking about the country’s economic situation, he said that it is characterized by high inflation standing at 7.7%, while noting that the growth rate in Tunisia has reached 2.5% for the first time since 4 years.
This growth is driven not only by consumption but by the real economy, including manufacturing industries, exports and the recovery of the tourism sector, he noted.
As for Tunisia’s borrowing from the international financial market to raise an amount of 1 billion dollars, the governor of the BCT did not give details on this subject.
“Currently, political developments in several regions of the world do not favour that move. We must choose the right moment to obtain adequate interest rates.”
It should be noted that the last meeting of the BCT Executive Board had indicated that the conditions are adequate to borrow from the international financial market.
Regarding the role of the BCT’s monetary policy during this period, especially to address inflation, Abassi said the central bank is not the only responsible for inflation, because there are other economic departments that are also involved, noting that the issue is the supply and demand in the financial market.
The real problem is that the rate of inflation is higher than the interest rate, the so-called real interest rate.
In this regard, he said the BCT takes action through the necessary mechanisms to fight against rising inflation.