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Tunisia: external debt considered acceptable

The Tunisian Government has initiated a macro economic recovery based on the principle of a cyclically sustainable budget deficit and sustainability of public debt.

The Government made certain in developing the supplementary Finance Act of 2012 of the sustainability of public debt over the medium term by ensuring that its ratio is maintained at sustainable levels, said the Minister of Investment and International Cooperation.

To date, a ministry statement added, the external debt of Tunisia is at an acceptable level for an emerging economy like Tunisia and mainly involves multilateral and bilateral loans contracted mainly to finance development projects.

Disbursement of funds for these projects is done according to rules and procedures for acquiring goods and services as defined by the Tunisian regulations and procedures of donors.

The said projects are subject to periodic supervision, an annual audit by independent auditors and evaluated during the preparation of completion reports relating thereto.

Tunisia has met for decades, and continues to do so, its international financial commitments and never rescheduled its debt even in the toughest situations.

In addition, the Government of Tunisia, since the holding of free and transparent elections of in October 23, continues to honor the commitments of the state and enjoys the confidence of development partners which are working to facilitate the financing of the economic and social transition of Tunisia by providing grants, loans at preferential rates and guarantees to access international financial markets.

The Tunisian Government has committed to undertake short-term profound economic and social reforms and relies on its development partners to ensure the success of this reform process. Tunisia wants to further strengthen its cooperation with international institutions and organizations and with brotherly and friendly countries while respecting its past commitments.

During the first quarter of 2012, economic indicators confirm the resumption of growth characterized by an increase in foreign direct investment, a good agricultural season and the consolidation of the pace of activity in the services sector, including tourism and transportation.


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