The International Monetary Fund approved payment of a $247 million (Dh907m) loan tranche to Tunisia, as part of an economic reform program for the North African country.
The Washington-based lender praised Tunisia's efforts to reduce the fiscal deficit as economic growth accelerated in the first half but called for tighter monetary policy as inflation remains high.
"The Tunisian authorities’ efforts to reduce macroeconomic imbalances are bearing fruit," Mitsuhiro Furusawa, the IMF's deputy managing director and acting chair, said in a statement on Monday.
Tunisia has implemented austerity measures and structural reforms, including slashing fuel subsidies, that has helped it secure a $2.9 billion loan from the IMF in 2016. Its ailing economy is plagued by persistently high inflation and unemployment. The country is grappling with a massive budget deficit that needs to be reduced according to the IMF to 5.2 per cent of GDP this year. The fund expects Tunisia's economic growth to accelerate to 2.9 per cent in 2019 from a forecast of 2.4 per cent this year driven by agriculture, manufacturing and tourism.
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Read more:
Unemployed Tunisians turn to illegal Mediterranean crossings to Europe
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High oil prices continue to pressure budget deficit while investment in the country is weak and foreign reserves cover less than three months of exports, the IMF said. Brent crude oil prices rose to above $85 a barrel on Tuesday the highest in four years.
The IMF urged the Tunisian central bank to further increase the interest rate to help anchor inflation.
"Further monetary tightening is warranted to reduce inflation," Mr Furusawa said. "Policy rate should increase further to avoid further erosion of the purchasing power of the local currency and anchor inflationary expectations."
The fund said Tunisia's main reform priorities include raising tax revenues, reducing the public wage bills and slashing energy subsidies.
Since the 2011 uprising that ended the rule of President Zine El-Abidine Ben Ali, nine cabinets have failed to resolve Tunisia’s economic problems. Its economic reform efforts are facing risks from internal political divisions.
"Strong program implementation is necessary to reduce macroeconomic imbalance and foster inclusive growth in the difficult political and security environment," Mr Furusawasaid.
Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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RESULTS
2pm: Maiden Dh 60,000 (Dirt) 1,400m. Winner: Masaali, Pat Dobbs (jockey), Doug Watson (trainer).
2.30pm: Handicap Dh 76,000 (D) 1,400m. Winner: Almoreb, Dane O’Neill, Ali Rashid Al Raihe.
3pm: Handicap Dh 64,000 (D) 1,200m. Winner: Imprison, Fabrice Veron, Rashed Bouresly.
3.30pm: Shadwell Farm Conditions Dh 100,000 (D) 1,000m. Winner: Raahy, Adrie de Vries, Jaber Ramadhan.
4pm: Maiden Dh 60,000 (D) 1,000m. Winner: Cross The Ocean, Richard Mullen, Satish Seemar.
4.30pm: Handicap 64,000 (D) 1,950m. Winner: Sa’Ada, Fernando Jara, Ahmad bin Harmash.
Tonight's Chat on The National
Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.
Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.
Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
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MATCH INFO
Chelsea 1
Alonso (62')
Huddersfield Town 1
Depoitre (50')
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
The National in Davos
We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.
UAE v IRELAND
All matches start at 10am, and will be played in Abu Dhabi
1st ODI, Friday, January 8
2nd ODI, Sunday, January 10
3rd ODI, Tuesday, January 12
4th ODI, Thursday, January 14
The specs: 2019 Chevrolet Bolt EV
Price, base: Dh138,000 (estimate)
Engine: 60kWh battery
Transmission: Single-speed Electronic Precision Shift
Power: 204hp
Torque: 360Nm
Range: 520km (claimed)
