Tunisia has undertaken to negotiate a rescheduling of its debt with several international creditors. The measure is aimed at easing the pressure on the Maghreb country’s economy.
According to Investment Minister Slim Azzabi (pictured), negotiations are being conducted with Saudi Arabia, Qatar, France, and Italy, four of Tunisia’s main partners. The authorities are hoping that these countries will agree to extend the deadline for repaying their debts in a pandemic context when the economy is still struggling to recover from a crisis that has been going on for several years.
In addition to these debt rescheduling measures, the authorities hope to obtain financing from the International Monetary Fund (IMF). The institution, which has already launched a vast support program for developing countries in the fight against the coronavirus, could give its approval within the next four months.
As a reminder, the Covid-19 pandemic has already affected 1,263 people in Tunisia and the government has taken measures to suspend or slow down tourist activities, a sector vital to the economy (nearly 10% of GDP). In H1 2020, tourism revenues fell by half compared to the same period in 2019. For 2020, the government expects an economic recession of around 6.5%.