TUNIS – The International Monetary Fund’s agreement with Tunisia was opened last month to secure the door financing in front of nations and donor institutions to support the country’s economy, as the Tunisian Central Bank announced on Friday. Tunisia signed an agreement with the Arab Monetary Fund to obtain a loan of $74 million to support public financial reforms, as you suffer from the worst financial crisis in its history.
The loan would be repaid over five years with a grace period of 30 months, the central bank noted.
The accord comes weeks after Tunisia and the International Monetary Fund struck an expert-level agreement to seek a $1.9 billion loan.
Following his Friday meeting with Tunisian President Qais Saeed at the Carthage Palace, the Director-General and Chairman of the Fund’s Board of Directors emphasised that the meeting “highlights the great transformation that takes place in Tunisia in terms of adopting the economic programme and consensus with the International Monetary Fund on this programme, which will be a light for the great transformation that will happen in this country In terms of achieving high rates and stable inflation.”
The drive for the implementation of this initiative, he continued, “will be born by investors from other countries, as well as regional institutions and international organisations,” complimenting the human potential of Tunisians, according to the Tunisian Presidency Foundation.
Due to the state’s incapacity to pay suppliers’ dues in hard currency, Tunisia is suffering from an oppressive economic crisis that has a detrimental impact on the classes of goods mentioned in the previous sentence, leads to excessive costs, and causes the loss of some fundamental supplies from the market.
According to economists, it is crucial to sign the agreement with the IMF in order to allow donor organisations to provide funding, which will help the country’s economy recover and deal with a variety of difficulties.
In an interview with the Ninth Special Channel on Thursday, Tunisia’s Finance Minister Siham Al-Bogdiri said that the agreement with the IMF will make it easier for Tunisia to get funding from other sources.
She said, “To lend money to Tunisia, international financial institutions and lending nations like Saudi Arabia and the United Arab Emirates need to come to an agreement with the International Monetary Fund.
” Tunisians hope that regional and international financial institutions will support Tunisia in the midst of the crisis and confront the opposition’s discourse, which indicates that Tunisia is in a state of regional and international isolation due to the course of July 25, 2021.
In order to get out of the crisis, economists demand that the money be utilised to encourage investment and development, stimulate the economy, rather than pay salaries and settle debts.
In order to receive financing from the Arab Monetary Fund, Tunisia signs a contract.
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