25 January 2013

Tunisia, IMF in Talks for 2.73-Billion-Dinar Loan - BCT

Tunis — "Tunisia is in talks with the International Monetary Fund (IMF) ahead of a Stand-By Arrangement (SBA) of 2.73 billion Tunisian Dinars over two years," Governor of the Central Bank of Tunisia (BCT) Chedly Ayari told TAP.

The BCT governor, speaking on the sidelines of a meeting held Friday in Tunis on the 20th Commemoration of the death of Hedi Nouira, said "indebtedness is our only way to boost the national economy, especially that the level of savings in Tunisia is too low."

"Tunisia's indebtedness rate which stands at 47% of the GDP is manageable," he told the press.

He also underlined that Tunisia's economy is now on the road to recovery, blaming insecurity and the lack of political visibility for the current crisis.

On foreign currency reserves, he said they stand now at 117 days of import, compared to 90 days three weeks ago.

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