Tunisian President Kais Saied has ratified a government decision to receive a $147 million loan from the European Bank for Reconstruction and Development (EBRD).
As announced by the EBRD on August 24, Decree 64 — issued on Wednesday — said that the bank will guarantee the ability of Tunisia’s Office of Cereals “to fund imports of soft wheat, durum wheat and barley, representing up to 15 per cent of Tunisia’s annual consumption needs”.
The presidential decree stated that the loan will contribute to the state’s Food Security Resilience Project, a strategy put in place in response to rising food prices following the Covid-19 pandemic and the Russian invasion of Ukraine.
Tunisia has been hit by a food crisis in recent weeks, with shortages of several basic goods such as sugar, coffee, milk and wheat-based products, as well as a sudden rise in overall prices.
Empty shelves, long supermarket queues, fistfights over certain goods and bakeries shutting down due to a lack of ingredients have caused a public outcry over the government's handling of the crisis.
Mr Saied has blamed hoarders and unnamed parties for causing shortages and rising prices.
However, with the EBRD loan, the Tunisian government hopes it will be able to import much needed cereals to cover the shortages in the market.
After a visit by its board of directors, the EBRD said on Wednesday that it expects Tunisia to reach a 2.9 per cent economic growth rate in 2023, with recent progress made in negotiations with the International Monetary Fund for a bailout loan.
The government’s approach to reform continues to be the target of strong domestic opposition, namely from the country's biggest labour union, the Tunisian General Labour Union, due to what it says is a deferential attitude to international financial institutions.
Over the years, the IMF and the World Bank have asked the Tunisian government to enact a wide range of reforms, including civil sector wages and the current subsidy system.
UAE currency: the story behind the money in your pockets
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
How much of your income do you need to save?
The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.
In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)
Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.
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Essentials
The flights
Return flights from Dubai to Windhoek, with a combination of Emirates and Air Namibia, cost from US$790 (Dh2,902) via Johannesburg.
The trip
A 10-day self-drive in Namibia staying at a combination of the safari camps mentioned – Okonjima AfriCat, Little Kulala, Desert Rhino/Damaraland, Ongava – costs from $7,000 (Dh25,711) per person, including car hire (Toyota 4x4 or similar), but excluding international flights, with The Luxury Safari Company.
When to go
The cooler winter months, from June to September, are best, especially for game viewing.
