Sihem Boughdiri Nemsia, who had stepped in at short notice on August 2, 2021, to replace Ali Kooli—a former banker turned super-minister of Economy, Finance, and Investment—managed to survive multiple cabinet reshuffles under the governments of Najla Bouden, Ahmed Hachani, and Kamel Madouri.
She thus accumulated three years and six months at the helm of the Ministry of Finance.
However, the political career of the former Director-General of Tax Studies and Legislation and former negotiator with the IMF and World Bank came to an abrupt end on the afternoon of February 5, 2025.
Saied on the offensive from the “State Tower”
That day, her boss, Tunisian President Kais Saied, embarked on a walking tour that began at the Ministry of State Property and Land Affairs, which also houses the Financial Reconciliation Commission—a body whose work and outcomes remain largely unknown.
It is unclear what the head of this commission, who repeatedly nodded in agreement with the president’s anger by saying, “Yes, Mr. President,” told Saied. Nevertheless, after a stop at the office of Prime Minister Kamel Madouri, Saied made a surprise visit to the office of the Finance Minister, which she would leave for good that same evening.
Clearly furious with his minister, Saied even confronted the Director-General of Customs, Mohamed Hedi Safer, on the steps of the office, telling him to “do his job properly,” before heading straight to Sihem Nemsia.
Nemsia caught Off guard by Saied
“Where is the Commission for the Management of Confiscated Assets?” Saied demanded of his minister. Caught off guard, Nemsia nervously fiddled with her scarf and glanced at Kamel Madouri for support before replying, “The permanent secretariat is at the headquarters.”
Saied, barely letting her breathe, shot back, “What is it doing? It’s been in the same location since 2011,” before turning his back and leaving her stunned and speechless.
As Finance Minister and an expert in mobilizing the fiscal resources needed for the budget, Nemsia—often referred to as the “banker of the state”—had apparently forgotten that she also oversaw the permanent secretariat of the Commission for the Management of Confiscated Assets.
This commission, chaired by the Prime Minister, is the ultimate decision-maker on what should be confiscated or transferred to the state through the El Karama Holding. In practice, the permanent secretariat is directly managed by another senior official at the Ministry of Finance, which explains why Nemsia was caught off guard by the president’s question and failed to provide a satisfactory answer, much to Saied’s dismay.
A dismissal without notice and a deliberate choice
At that moment, it became clear that Saied had had enough of his now-former Finance Minister. It appears that during his meeting with the Prime Minister on the other side of Kasbah Square, the decision was made to remove Sihem Nemsia from her position.
That same evening, upon his return to the Carthage Palace, the Tunisian president summoned a former judge and member of the Financial Reconciliation Commission to take the oath of office and assume control of the Ministry of Finance. This move replaced a tax specialist, who had left no stone unturned in taxing Tunisian citizens, with a judicial figure.
Although the brief, two-line statement announcing the change did not mention Nemsia or do justice to her significant contributions as a senior state official, the choice of Ms. Michket Bouslama Khaldi was far from random.
As a judge, she may lack the technical expertise for the role, but she will have time to learn the ropes, supported by a ministry full of skilled professionals. However, it is clear that with this new appointment, the Tunisian president—who may be aware of the fiscal limits of Tunisian taxpayers—is determined to intensify pressure on financial resource mobilization for the budget, this time through judicial financial reconciliation.
