The Tunisian government’s published a letter sent to the IMF, describing the government’s intention to recapitalize its banks through a rescue operation. The amount needed by the government is around $1,1billion, an equivalent of 2,6% of their economic output, in the next two years. The IMF and Tunisia finally agreed on a $1,74 billion loan [...]
The Executive Board of the IMF has finally approved a 2 year Stand-By Arrangement, for an amount equivalent to Special Drawing Rights (SDR) $1.74 billion to Tunisia, to support the country’s economic reform program during the 2013-2015 period. The approval of the emergency stand-by loan deal is geared towards strengthening fiscal and external buffers, and [...]
Japan will be financially supporting Tunisian projects up to $730 million in a bid to ease the North African country’s hardship during its transitional period. The announcement was made by the Tunisian president’s office in a released statement. Sources close to his office claim that it will be a loan although the statement avoided the [...]
The stand-by loan agreed upon and expected to be signed this month by the Tunisian government and the International Monetary Fund (IMF) is again being criticized by members of the National Constituent Assembly (NCA) after finalizing the deal in the past. They contest that the recommendations are not compulsory despite the Finance Minister and the [...]
The International Monetary Fund has voiced out its observations about Egypt, citing that inflation will rise to 10,9% this year; thereby surpassing the previous estimation of 8,2% published last month in its half-yearly analysis of the world economy. These observations which were published as part of IMF’s regional outlook also stated that Morocco, Tunisia and [...]
The Egyptian pound is still going through its worst period after reaching a new all-time low against the United States dollar at an average of LE6.92. According to the Central Bank, the devaluation of the local currency will only worsen the country’s situation. On the black market, it’s even more expensive, and a dollar is [...]
Tunisia has finally reached an agreement with the International Monetary Fund for the $1,78 billion precautionary loan. Negotiations between the two parties have been tedious for two years. A government official familiar with the case said that “the agreement is already won and it will be announced tomorrow (Tuesday), but the official signing will be [...]
The update given by the Egyptian Planning Minister after talks with the International Monetary Fund has raised eyebrows. Minister Ashraf El-Araby described the talks as being “positive” but added that the “economic situation has become worrisome and quick measures are needed.” The minister hopes that a deal in principle will be made within a fortnight. [...]
Tunisia and the International monetary Fund (IMF) will be signing the loan agreement in May while they will be holding their “last round of discussions” within the 8th-15th of this month in Tunisia. The finance minister, Elyess Fakhfakh, said he is expecting the $1,7billion emergency loan deal to be reached in the “middle of May”. [...]
While Egypt is in dire need of foreign assistance to take up the various challenges triggered by the severe downturn of its economy, Members of the European Parliament have made it clear that they are opposed to financial support to Cairo unless the government makes progress in matters of democracy and that the EU aid [...]
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