Tunisia’s external debt ratio, as a percentage of GDP, continued its downward trend in 2024, which began in 2020, reaching 47.5% (compared with 54.6% in 2023), according to the 2024 Statistical Report on External Debt published by the Central Bank of Tunisia (BCT).
The state’s external debt also dropped to 39.1% of GDP (from 44.7% in 2023). Similarly, the long-term (LT) external debt ratio of other economic agents fell from 9.9% at the end of 2023 to 8.4% at the end of 2024.
According to the same source, the total external debt stock stood at TND 75,966 million at the end of 2024, down 7.1% from the end of 2023.
Public administration: Top borrower
By sector, long-term external debt was dominated by public administration obligations, which represented 82.3% of total long-term external liabilities in the form of loans.
This stock decreased 6.5% from the end of 2023, standing at TND 62,537 million, due to a negative volume effect of -TND 5,459 million, reflecting increased principal repayments and reduced new borrowings.
The Central Bank’s external debt fell to TND 46 million at the end of 2024 (from 75 million in 2023). Meanwhile, the external debt of deposit institutions, excluding the central bank, declined by TND 316 million to TND 1,088 million, and that of other sectors decreased by TND 1,082 million to TND 12,294 million.
Among beneficiaries, public enterprises’ long-term external debt dropped 8.1% to TND 11,476 million, representing 85.7% of total sector debt, while private enterprises’ debt fell 16.6% to TND 1,907 million, or 14.3% of the total for Tunisian companies.
Decline by creditor type
Long-term external debt decreased across all creditor categories in 2024.
Multilateral cooperation debt fell 1.2% to TND 49,279 million, though its share of total debt rose from 61% to 64.9%.
World Bank debt increased by TND 573 million to TND 14,140 million, about 19% of total debt (up from 16.6% in 2023), remaining the leading multilateral lender.
African Development Bank (BAD) remained the second-largest lender with a 10.6% share (TND 8,090 million, down from 8,398 million in 2023).
IMF debt dropped to TND 5,339 million (from 7,198 million in 2023).
European Investment Bank (EIB) debt fell by TND 217 million to TND 5,106 million.
AFREXIMBANK strengthened its position with a new $500 million loan, raising its share of long-term external debt from 4.4% to 6.6% (TND 5,011 million).
EU debt stood at TND 4,655 million, down 2.2% from 2023, representing 6.1% of total debt.
Bilateral and international debt
External debt owed to partner countries declined 5.9% to TND 18,740 million (from 19,915 million in 2023). Within bilateral cooperation, official creditors accounted for 91.8%, while private bilateral creditors represented 8.2%.
Debt owed to the international financial market decreased sharply by TND 4,004 million to TND 7,947 million, reducing its share of total debt from 14.6% to 10.5%, mainly due to repayment of two bond issues in 2024 and no new issuances since July 2019.
Currency composition
The currency composition of long-term external debt shows dominance of the euro (56.5%), followed by the US dollar (24.4%), Japanese yen (5.9%), and Kuwaiti dinar (4.5%).
In summary, Tunisia’s external debt continues to decline steadily across sectors, creditors, and instruments, reflecting improved debt management and repayment capacity.
