Tunisia to issue $1 billion Eurobonds by October 2018

Tunisia plans to issue $1 billion Eurobonds at the beginning of October 2018 to reduce the 2018 fiscal deficit, according to official sources Reuters reported.

We will issue $1 billion Eurobonds at the beginning of October [2018] after the IMF has disbursed another instalment of its loan to Tunisia”, the sources explained.

Tunisia expects IMF’s approval for a new instalment of $250 million from a total of $2.8 billion by the end of September 2018.

It previously announced that it would issue Eurobonds during Q1, 2018 but the issuance was repeatedly delayed because of poor performance in the local economy and unfavourable market conditions.

Tunisia forecasts its economy to grow by 3.5% in 2019, against the 2.9% in 2018, thanks notably to recovery in the tourism sector and good performances in the agricultural sector.

The government which wishes to reduce its fiscal deficit from 4.9% in 2018 to 3.9% in 2019, evaluates its external financing needs in the coming fiscal year to TND7 billion ($2.53 billion).

TunisianMonitorOnline (Source: Reuters)

Related posts