Reuters reports that the International Monetary Fund (IMF) endorsed the payment of a $245 million loan tranche to Tunisia. The payment is the fifth under its loan programme with the North African country.
The loan programme will enable Tunisia pursue economic reforms aimed at keeping its deficit under control. The IMF approval will also open the way for Tunisia to sell $1 billion bonds in October 2018. An official interviewed by Reuters noted that that sale of the bonds will take place early October, after the IMF approval.
Driven by recovery of the tourism industry and an expanding agricultural sector, Tunisia expects economic growth to accelerate to between 3 and 3.5 percent in 2019 from an expected 2.9 percent in 2018. The government aims to reduce its budget deficit to 3.9 percent of Gross Domestic Product (GDP) in 2019 from the 4.9 percent it is forecasting for 2018.
Tunisia’s economy has been in crisis since the removal of Zine al-Albidine Ben Ali in 2011.