{
  "title": "Press Release: Statement by the IMF Mission on the 2007 Article IV Consultation with Tunisia",
  "publication": "IMF News, June 6, 2007",
  "sourceUrl": "https://www.imf.org/en/news/articles/2015/09/14/01/49/pr07121",
  "canonical": "https://www.imf.org/en/news/articles/2015/09/14/01/49/pr07121",
  "overlayPath": "/en/news/articles/2015/09/14/01/49/pr07121/index.md",
  "summary": "IMF mission headed by Mr. Abdelhak Senhadji in Tunis from May 14, 2007; statement issued May 28, 2007 at conclusion of the consultation.",
  "publishDate": "2007-06-06",
  "sections": [
    {
      "heading": "Mission, timing, and meetings",
      "content": "- IMF mission headed by Mr. Abdelhak Senhadji in Tunis from May 14, 2007; statement issued May 28, 2007 at conclusion of the consultation.\n- Report to be discussed for approval by the Executive Board of the IMF in July 2007; preliminary conclusions and final report to be published on the IMF's website.\n- Mission held wide-ranging discussions with:\n  - His Excellency Mr. Baccar, Governor of the Central Bank of Tunisia;\n  - His Excellency Mr. Kechiche, Minister of Finance;\n  - His Excellency Mr. Jouini, Minister of Development and International Cooperation;\n  - His Excellency Mr. Zenaidi, Minister of Trade and Handicrafts;\n  - His Excellency Mr. Laroussi, Minister of Employment;\n  - His Excellency Mr. Chelbi, Minister of Industry, Energy, and SMEs;\n  - His Excellency Mr. Haddad, Minister of Tourism;\n  - His Excellency Mr. A Chaouch, Minister of Social Affairs.\n- Mission also met representatives of the banking sector, business community, and social partners."
    },
    {
      "heading": "Recent performance and macroeconomic indicators",
      "content": "- Growth and inflation:\n  - Real GDP growth moved from 4 percent in 2005 to 5.4 percent in 2006.\n  - Inflation spiked in 2006 due to soaring international oil prices; monetary tightening in the second semester reduced inflation to 2.4 percent on average over the first four months of 2007.\n- External sector and debt:\n  - Current account deficit increased from 1.1 percent in 2005 to 2.3 percent in 2006, driven by rising oil prices.\n  - Excluding energy, the current account balance is near equilibrium.\n  - Balance of payments recorded a surplus, partly attributable to privatization receipts.\n  - Total external debt (including short-term debt) fell from 65.4 percent of GDP in 2005 to 59.1 percent of GDP in 2006, due in part to the use of privatization receipts.\n- Fiscal and financial sector:\n  - Budget deficit for 2006 is estimated at 2.9 percent of GDP, below the 3.6 percent projected in the Budget Law.\n  - Banking sector prudential indicators improved: nonperforming loans (NPLs) declined from 24 percent of total loans in 2003 to 19.2 percent in 2006.\n- External recognition:\n  - Davos Forum ranked Tunisia as the most competitive country in the region.\n  - Japanese agency R&I raised Tunisia sovereign rating from BBB+ to A- in 2007."
    },
    {
      "heading": "Short- and medium-term outlook and projections",
      "content": "- Growth and inflation projections:\n  - Growth in real GDP is expected to accelerate, reaching 6 percent in 2007.\n  - Inflation should be around 3 percent.\n- Fiscal and current account outlook:\n  - The budget balance and current account balance are not expected to change significantly in the short term.\n- Structural outlook:\n  - The short-term and medium-term outlook remains favorable."
    },
    {
      "heading": "Challenges and labor market dynamics",
      "content": "- Unemployment:\n  - Unemployment rate remains relatively high, particularly among young university graduates entering the active population in growing numbers.\n  - To reduce the unemployment rate below 10 percent, growth must increase significantly and be better geared toward creating more jobs for university graduates.\n- Growth and employment linkage:\n  - The XIth five-year plan aims to boost growth from 4¾ percent per year over the past decade to about 6.1 percent over the next five years.\n  - This anticipated growth acceleration is expected initially to stabilize or slightly reduce unemployment, before lowering it significantly during the subsequent five-year period."
    },
    {
      "heading": "Strategy and policy priorities recommended by the mission",
      "content": "- Overall strategic objective:\n  - Move the Tunisian economy toward a knowledge-based, high-value-added economy.\n- Four key elements of the authorities' strategy:\n  - Strengthen Tunisia's macroeconomic position;\n  - Continue the gradual liberalization of the Tunisian economy;\n  - Stimulate private investment, particularly in high-value-added sectors;\n  - Pursue reforms, with particular attention to education and training systems.\n- IMF mission focus:\n  - Strengthening Tunisia's macroeconomic position and the necessary reforms to boost growth in the context of deeper integration into the world economy.\n\nIMF Press Release: Statement by the IMF Mission on the 2007 Article IV Consultation with Tunisia (June 6, 2007).\n\n---\n\n\n References\n\n- Tunisia and the IMF\n- Press Releases\n- PRESS CENTER\n- www.imf.org/external/country/TUN/index.htm\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2015/09/14/01/49/pr07121"
    }
  ],
  "bullets": [
    "[Markdown version](/en/news/articles/2015/09/14/01/49/pr07121/index.md)",
    "[Structured JSON version](/en/news/articles/2015/09/14/01/49/pr07121/index.json)",
    "[Bundle manifest](/en/news/articles/2015/09/14/01/49/pr07121/bundle-manifest.json)",
    "Published: June 6, 2007",
    "IMF mission headed by Mr. Abdelhak Senhadji in Tunis from May 14, 2007; statement issued May 28, 2007 at conclusion of the consultation.",
    "Report to be discussed for approval by the Executive Board of the IMF in July 2007; preliminary conclusions and final report to be published on the IMF's website.",
    "Mission held wide-ranging discussions with:",
    "Mission also met representatives of the banking sector, business community, and social partners.",
    "Growth and inflation:",
    "External sector and debt:",
    "Fiscal and financial sector:",
    "External recognition:",
    "Growth and inflation projections:",
    "Fiscal and current account outlook:",
    "Structural outlook:",
    "Unemployment:",
    "Growth and employment linkage:",
    "Overall strategic objective:",
    "Four key elements of the authorities' strategy:",
    "IMF mission focus:",
    "[Tunisia and the IMF](http://www.imf.org/external/country/TUN/index.htm)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[www.imf.org/external/country/TUN/index.htm](https://www.imf.org/external/country/TUN/index.htm)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
  ],
  "alternates": {
    "markdown": "/en/news/articles/2015/09/14/01/49/pr07121/index.md",
    "json": "/en/news/articles/2015/09/14/01/49/pr07121/index.json",
    "bundleManifest": "/en/news/articles/2015/09/14/01/49/pr07121/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-26T16:46:55.488Z"
}