Tunisia will receive $500 million from the African Export-Import Bank to fund its 2023 budget, parliament announced on Thursday, after passing a law relating to the loan.
The Tunisian parliament’s House of Representatives approved the draft law relating to the approval of the loan’s clauses, which were concluded in an agreement between the Tunisian government and representatives of the African Export-Import Bank on April 4.
“The loan is a temporary solution for Tunisia’s current crisis,” MP Malik Kammoun told The National.
“We are aware that the ongoing economic crisis necessitates a strategic development and investment vision, however, it is impossible to be patient amid the current status quo,” Mr Kammoun added.
He said the Tunisian parliament’s finance committee is working on a more long-term solution for the country’s economic crisis, and that it was essential to find alternative funding.
“The parliament’s stance rejects external indebtedness but we are also aware of our living conditions and we are seeking solutions to mitigate that,” Mr Kammoun added.
A report by the parliament’s finance committee said the loan Tunisia will receive from the African Export-Import Bank will have an interest rate estimated at 10.28 per cent and a repayment period of five years, including a two-year grace period.
Tunisia is still reeling from an economic crisis that has caused the state's public finances to suffer an ongoing deficit, and it requires funding from international lenders to avoid collapse.
A bailout package from the International Monetary Fund remains pending, as discussions between the lender and the Tunisian government continues.
President Kais Saied has reiterated on multiple occasions his rejection of any conditional financial package that might disturb social peace and cause further suffering for Tunisian citizens.
Mr Saied told economics professors in a meeting on Wednesday that “it is out of question for the state to dispose of its public institutions” to receive any sort of conditional funding.
The IMF has repeatedly expressed the need for the Tunisian government to commit to a reform programme which would involve reducing subsidies and the management of core public sector institutions, including health and education.
Chef Nobu's advice for eating sushi
“One mistake people always make is adding extra wasabi. There is no need for this, because it should already be there between the rice and the fish.
“When eating nigiri, you must dip the fish – not the rice – in soy sauce, otherwise the rice will collapse. Also, don’t use too much soy sauce or it will make you thirsty. For sushi rolls, dip a little of the rice-covered roll lightly in soy sauce and eat in one bite.
“Chopsticks are acceptable, but really, I recommend using your fingers for sushi. Do use chopsticks for sashimi, though.
“The ginger should be eaten separately as a palette cleanser and used to clear the mouth when switching between different pieces of fish.”
How to help
Donate towards food and a flight by transferring money to this registered charity's account.
Account name: Dar Al Ber Society
Account Number: 11 530 734
IBAN: AE 9805 000 000 000 11 530 734
Bank Name: Abu Dhabi Islamic Bank
To ensure that your contribution reaches these people, please send the copy of deposit/transfer receipt to: juhi.khan@daralber.ae
Florida: The critical Sunshine State
Though mostly conservative, Florida is usually always “close” in presidential elections. In most elections, the candidate that wins the Sunshine State almost always wins the election, as evidenced in 2016 when Trump took Florida, a state which has not had a democratic governor since 1991.
Joe Biden’s campaign has spent $100 million there to turn things around, understandable given the state’s crucial 29 electoral votes.
In 2016, Mr Trump’s democratic rival Hillary Clinton paid frequent visits to Florida though analysts concluded that she failed to appeal towards middle-class voters, whom Barack Obama won over in the previous election.
MATCH INFO
Uefa Champions League, semi-final result:
Liverpool 4-0 Barcelona
Liverpool win 4-3 on aggregate
Champions Legaue final: June 1, Madrid
Elvis
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Baz%20Luhrmann%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Austin%20Butler%2C%20Tom%20Hanks%2C%20Olivia%20DeJonge%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
The specs
Engine: 2.5-litre, turbocharged 5-cylinder
Transmission: seven-speed auto
Power: 400hp
Torque: 500Nm
Price: Dh300,000 (estimate)
On sale: 2022
UAE currency: the story behind the money in your pockets
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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COMPANY PROFILE
Company name: SimpliFi
Started: August 2021
Founder: Ali Sattar
Based: UAE
Industry: Finance, technology
Investors: 4DX, Rally Cap, Raed, Global Founders, Sukna and individuals
Abu Dhabi traffic facts
Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road
The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.
Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.
The day was the least congestion in Abu Dhabi in 2019 was Tuesday, August 13.
The highest levels of traffic were found on Sunday, November 10.
Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
British Grand Prix free practice times in the third and final session at Silverstone on Saturday (top five):
1. Lewis Hamilton (GBR/Mercedes) 1:28.063 (18 laps)
2. Sebastian Vettel (GER/Ferrari) 1:28.095 (14)
3. Valtteri Bottas (FIN/Mercedes) 1:28.137 (20)
4. Kimi Raikkonen (FIN/Ferrari) 1:28.732 (15)
5. Nico Hulkenberg (GER/Renault) 1:29.480 (14)
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