AfDB Ready to Release Emergency Aid to Tunisia

14 February 2011
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African Development Bank (Abidjan)
press release

The president of the African Development Bank (AfDB), Donald Kaberuka, said the Bank is ready to release the necessary resources to assist the transitional government and the people of Tunisia in its socio-economic reforms. During a press conference after a meeting with Prime Minister Mohamed Ghannouchi, Donald Kaberuka affirmed the Bank's commitment to strengthen the historic partnership between the Bank and Tunisia in this time of economic and social pressure. He expressed the Prime Minister "the Bank's readiness to assist the interim government's efforts and Tunisian people at this critical time in history." toward economic recovery. The Bank, flexible is ready to adapt its action to the need of the new Tunisia.

Donald Kaberuka noted that since the new transitional government assumed duty, AfDB contacted Tunisian authorities to express its readiness to release economic, human and technical resources, in support of Tunisia in this period of strong economic and social pressure. Tunisia is the second larger Bank's client, with a global portfolio close to 10 billion TND in 1968. Tunis has been hosting the Bank's temporary relocation agency since 2003, and over 1,600 staff members are based in Tunis.

Donald Kaberuka expressed confidence in the economic recovery. He said that "Tunisia has gross foreign exchange reserves equal to 5 months of imports, moderate external debt representing 46% of its GDP and the country enjoys the confidence of international markets and financial institutions." However, Tunisian authorities have to face an economic slowdown, priorities resulting from budget pressure and growing social expectations such as youth unemployment. The Prime Minister and the AfDB President of the ADB exchanged views this morning on the most appropriate support expected from the Bank in priority areas.

The Bank could help Tunisia in the following areas: employment, and especially youth employment, support to the poorest in the least favored regions of the country, implementation of current and future large infrastructure projects. He insisted on the possible assistance in recovering assets illegaly embezzled by the former regime. He also stressed the importance of strengthening institutional governance through setting up independent judiciary for instance. Bank's support to Tunisia could be in the form of accelerated disbursement direct budget aid, loans, guarantees or technical assistance.

According to Donald Kaberuka," the Bank's full confidence in Tunisia remains intact." "We believe the country with the support of its partners can manage."

Contacts

Pénélope Pontet

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