Press Release: IMF Managing Director Dominique Strauss-Kahn's Statement at the Conclusion of his Visit to Tunisia
IMF News, November 18, 2008
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Bibliographic details
- Published: November 18, 2008
Visit context and occasion
- Press Release No. 08/291
- Date: November 18, 2008
- Occasion: Visit to Tunisia on the fiftieth anniversary of the creation of the Central Bank of Tunisia
- Meetings: His Excellency President Ben Ali; Governor of the Central Bank of Tunisia, Mr. Taoufik Baccar
Assessment of Tunisia's economic position
- Tunisia's Central Bank "has been central to the proactive management of the Tunisian economy, which led to growth acceleration and macroeconomic stability."
- The global financial crisis is described as "very serious" and requires "clear and comprehensive action by all our countries as well as close policy coordination between them, with central banks playing a fundamental role in that respect."
- The global financial crisis "has had no direct financial impact on [Tunisia's] economy."
- Immediate key challenge: "to weather the impact of a more pronounced global economic slowdown."
- Medium-term priority: "improving economic welfare will hinge on accelerated employment creation and income growth."
Progress on reforms and financial sector
- Tunisia is "making impressive progress in its reform agenda and its prospects are favorable."
- Commended actions:
- Creation of a high-level committee "to monitor global economic and financial developments and contain any negative impact on the Tunisian economy."
- "Swift actions adopted by the Central Bank of Tunisia as soon as the crisis surfaced."
- Continued strengthening of the banking sector's performance.
- Encouragements:
- "Persevere with this high priority reform, as they continue to gradually open up the capital account."
- Advancement of Maghreb regional integration, which "could play an important role in helping member countries face the current adverse international environment."
Policy recommendations and emphasis
- Need for clear and comprehensive action by countries in response to the global financial crisis.
- Importance of close policy coordination between countries, with central banks having a fundamental role.
- Prioritize:
- Monitoring global economic and financial developments.
- Swift central bank policy responses to crisis developments.
- Strengthening banking sector performance.
- Gradual capital account opening accompanied by continued reforms.
- Regional integration (Maghreb) to help mitigate adverse international conditions.
Source: IMF Press Release No. 08/291, November 18, 2008.