IMF expected this integration to further strengthen the region's resilience to external shocks and market volatility. An outcome partly triggered by the decline in travel and tourism related activities, caused by the restrictive movement of people during the COVID-19 pandemic. Algeria Kicks off Campaign to Rally Support for Constitutional Referendum, G20 Youths Take Virtual Tour and Discover History of AlUla, No Virus Cases as Saudi Arabia Successfully Resumes Umrah. Other key sectors include agrobusiness and energy (gas and oil); they contributed to the 2018 GDP growth but experienced a decline in 2019. Eases Pre-Election Constraints on Investigating Election Fraud, The Tragic Scene That Almost Ended 1960's Batman, 'Deeply disturbing': Feds charge six militia members in domestic terror plot to kidnap Michigan Gov. Prime minister Fakhfakh last month announced that the country had reduced its growth forecast this year to 1% from 2.7%. Border Demarcation with Israel Will Introduce New Factors to Lebanese Govt. Tunisia has obtained a $745 million loan from the International Monetary Fund (IMF) for its national responses to the novel coronavirus (COVID-19).. Prime minister Elyes Fakhfakh said this month that $1 billion is the amount needed to tackle the impact of the pandemic. “These measures involve raising health spending, strengthening social safety nets, and supporting small- and medium-sized firms hit by the crisis. Tunisia’s Eurobonds, like those of many other developing nations, have sold off heavily since the coronavirus pandemic roiled markets. The latter will likely be impacted by the travel restrictions imposed to curb the spread of the virus. Solving Nigeria's electricity challenges is an opportunity for entrepreneurs, says businessman Onyekachi Izukanne. It will also help preserve the sustainability of its debt,” said Mitsuhiro Furusawa, IMF deputy managing director and chair. By Masood Ahmed (version in عربي) The International Monetary Fund released today a new paper entitled “Toward New Horizons—Arab Economic Transformation amid Political Transitions.”. The value of the SDR is based on a basket of five currencies—the U.S. dollar, the euro, the Chinese renminbi, the Japanese yen, and the British pound sterling,” it adds. The International Monetary Fund (IMF) said that Tunisia's gross domestic product (GDP) per capita is the lowest among countries of the Arab Maghreb region during the period between 2013-2017. Tunisia's economy is expected to contract by 4.3 pct in 2020 amid the coronavirus crisis, the deepest contraction since its independence in 1956, the International Monetary Fund (IMF) said on Friday. “Tunisia has high twin deficits and debt, and limited buffers, whereas growth is anemic, employment stagnant, and inflation relatively high.”, For more articles like this, please visit us at bloomberg.com. The North African country is rushing to regain the confidence of markets with its Eurobonds trading close to levels investors consider to be distressed, which would make it difficult and expensive to issue new securities. Tunisia IMF history of lending arrangements as of 30th June 2019. A merger in Arab Maghreb would create a market including 100 million people, with an average income of $1,000 per capita as a nominal value and about $12,000 on the basis of Purchasing Power Parity (PPP). While authorities agreed on a $2.9 billion loan with the IMF in 2016, they struggled to enact some of the fund’s cost-cutting recommendations. Tunisia has reported 726 cases of the disease, including 34 deaths. Central (or federal) banks often lower their main lending rates to stimulate economic growth. RCF’s lending terms are at a zero-interest rate with a grace period of 5½ years and a final maturity of 10 years. “We are hoping to start as soon as possible a discussion about a new program that would reflect the vision, the strategy of the new government.”. The European Union provided 250 million euros ($272 million) in financial aid. Subscribe now to stay ahead with the most trusted business news source. Gabon was the third African state to obtain such a loan, parting with $147 million. “The IMF financing will support the authorities’ emergency measures to contain the spread of the virus and mitigate its human, social, and economic toll amid unprecedented uncertainty,” according to the funding announcement. Given the way the discussions have gone until now, “I am very confident the next phase will be very positive with the IMF,” said Yaiche, who once worked for PWC France before becoming the finance minister in late February. Abidjan-based African Development Bank has availed a $10 billion COVID-19 response fund for governments and the private sector. Although it is a source of agricultural products, cars, and fertilizers, it is still vulnerable to the volatility of agricultural output and foreign demand, it noted. Tunisia was already struggling before the virus outbreak, hobbled by years of political infighting, sporadic terror attacks and labor strikes. Overall, Tunisia has to lend $3 billion internationally for 2020 spending requirements. Rwanda was the first African country to secure an emergency coronavirus funding of $109 million from the IMF. In its latest regional economic update, the lender forecast the current account will run a deficit of 7.2% of gross domestic product this year and expects the fiscal gap to widen to 5%. Abdul Wahid al Nur to Asharq Al-Awsat: Juba Agreement Deepens Crisis, US Deepens Damascus’ Isolation, Russia Stands at Syrian Crossroads, Deputy Minister Details to Asharq Al-Awsat Saudi Plan to Resume Umrah. The IMF said Algeria is considered one of the region's largest economies and the upper-middle-income states with an important position among oil and gas exporting countries. “Additional concessional and grant financing from external partners is critical to help Tunisia respond to the COVID-19 crisis. A new government is also having to contend with a crisis that’s been especially damaging to tourism and agriculture, industries vital to an economy the IMF expects to shrink 4.3% this year in the deepest contraction since independence from France in 1956. 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