Governor of the Central Bank of Tunisia (BCT) Marouane Abassi revealed that the authorities backed off their decision to enter the international capital market in the current time – Abassi said that the authorities are not in rush especially after getting pledges from the IMF and the World Bank in short-term funding that reaches around $759 million.
Abassi said that these important financial resources will support Tunisia's foreign exchange reserves and will provide about 72 days of supply. For the first time since four years, the growth percentage reaches 2.5 percent, he added, confirming that the growth drivers have changed and are no more supported by local consumption.
Tunisia is expected to get a $500 million loan from the World Bank end of July, and it will be allocated to support budget resources. The IMF board of directors will convene end of this month, with possibility to officially approve the new payment of the loan, estimated at $259 million (TND650 million).
In this context, Economist Ezzedine Saidane said that several Tunisian financial experts and institutions have warned that Tunisia's step into the international financial market should be delayed in light of economic indicators that have not yet realized sufficient recovery.
Saidane said the postponement was important, and it served the officials of the Tunisian economy, especially after the release of optimistic forecasts on the growth rate expected to be achieved during the current year, which would improve the terms of negotiations on new loans, as he put it.
BCT announced during the past months its willingness to get around $1b with reasonable interest rates from the international capital market. However, the political instability and the insistence of Tunisian General Labour Union and Nidaa Tounes to change Youssef Chahed delayed taking this decision.
