12 February 2014

Tunisia: Issuing Bonds Not Enough for Economic Relaunch - BCT Governor

Tunis, — Tunisia, which intends to issue bonds on the international market in 2014, may only energise the economy but the move is not sufficient for recovery, Governor of the Central Bank of Tunisia (BCT) Chedly Ayari said.

Economic recovery in Tunisia requires building confidence and upholding political stability, along with boosting local and foreign investments and diversifying sources of financing, Ayari told participants in the second international scientific symposium on the "Crisis of Euro-Mediterranean Countries."

The Governor also underscored the need to resort to Islamic finance as an alternative to fund public expenditure and "channel State funds to wealth creation rather than recurrent expenditure."

The European Union responded differently to economic crises in a number of countries, such as Tunisia and Greece, he indicated.

In this vein, he said that unblocking a 500-million-dollar tranche of the loan extended by the International Monetary Fund will encourage international institutions to further contribute to the financing of the Tunisian economy.

CEO of the Tunis Central University Slah Ben Turkia underlined that "the preservation of the trade exchange pace between Tunisia and the European Union (80% of the total of Tunisia's transactions with abroad), is a compelling need whatever the orientations of the country. He said that ending the political crisis in Tunisia and the adoption of the Constitution as well as taking office of an independent government "pave the way for the recovery of the national economy and give reassuring signs to foreign partners as well as funders."

CEO of the center for Studies into Macroeconomics and International Finance Claude Berthomieu asserted that "Tunisia managed to end the crisis" and strives to restore confidence of investors in this country, which is likely to improve the growth rate and develop the economy compared to other Mediterranean countries like Egypt. Took part in this gathering, organised by the Centre for Studies in Comprehensive Economy and Finance, officials, researchers, academics and Tunisian and Foreign experts.

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