Analysis-Tunisia faces rising pressure, record IMF delay over lack of reforms
© Reuters. A man rides a bicycle past a sign directing to Ettadamen district, in Tunis, Tunisia June 24, 2022. Picture taken June 24, 2022. REUTERS/Jihed Abidellaoui
Amid hostile rebukes and the rejection of some of the terms from Tunisian President Kais Saied, as well as domestic political turmoil, the country still hasn't secured IMF board approval for the deal - a key step to unlock the funds. Reducing the budget deficit, reforming large state-owned enterprises and devaluing the currency to prevent the central bank from using reserves to support the dinar are among the top tasks the government needs to address, said Swanston.
Despite the challenges, the battered economy could continue without an IMF programme in the short-term as"rising reserves and marginal fiscal consolidation have granted Tunisia some additional runway" thanks to a pickup in tourism, said Tellimer analyst Patrick Curran. "Tunisia can cover the next maturity out of reserves after a good tourist season," said Charlie Robertson, head of macro strategy at London-based FIM Partners.
Italian Prime Minister Giorgia Meloni maintains a close relationship with Tunisia. Record numbers of migrants setting off from the country have landed on Italy's far southern island of Lampedusa.
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