{
  "title": "Press Release: Statement by IMF Deputy Managing Director Murilo Portugal at the Conclusion of his Visit to Tunisia",
  "publication": "IMF News, April 6, 2007",
  "sourceUrl": "https://www.imf.org/en/news/articles/2015/09/14/01/49/pr0765",
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  "summary": "Statement date and location: April 6, 2007 in Tunis.",
  "publishDate": "2007-04-06",
  "sections": [
    {
      "heading": "Visit and purpose",
      "content": "- Statement date and location: April 6, 2007 in Tunis.\n- Speaker: Mr. Murilo Portugal, Deputy Managing Director of the International Monetary Fund (IMF).\n- Purpose: Concluding statement summarizing meetings with Tunisian authorities and assessment of Tunisia’s economic situation and policy priorities."
    },
    {
      "heading": "Recent economic performance",
      "content": "- Annual real GDP growth averaged about 5 percent during the past decade.\n- Tunisia’s GDP per capita is described as among the highest in the region.\n- The IMF supported Tunisia with technical assistance and policy advice."
    },
    {
      "heading": "Medium-term objective and 11th Plan strategy",
      "content": "- Key medium-term objective: substantially reduce unemployment by significantly raising the already strong growth rate of the economy.\n- The strategy in the 11th Plan is characterized as ambitious yet achievable if the pace of reforms is accelerated along three main axes:\n  - Consolidate Tunisia's economic position further.\n  - Strengthen the financial sector.\n  - Continue regional and global integration."
    },
    {
      "heading": "Policy recommendations and reform priorities",
      "content": "- Further liberalization and improvement in the business climate to promote domestic and foreign investment.\n- Further reduction in external debt; authorities plan to allocate a large proportion of privatization receipts for early repayment of the external debt.\n- Continue fiscal consolidation through increased efficiency in spending and broadening of the tax base.\n- Pragmatic approach to liberalizing the capital account is commended.\n- As liberalization advances:\n  - Increase two-way flexibility of the exchange rate.\n  - Rely more on indirect monetary instruments.\n  - Deepen money and foreign exchange markets.\n  - Increase the efficiency of monetary policy.\n  - Set the stage for an inflation-targeting framework.\n- Central Bank progress: the new central bank law constitutes a significant step toward clarifying the monetary policy objective."
    },
    {
      "heading": "Financial sector priorities",
      "content": "- Strengthening the financial sector is a priority.\n- Specific focus on reducing the level of non performing loans.\n- Encouraged by progress in implementing most recommendations of the Financial Sector Assessment Program conducted in collaboration with the IMF and the World Bank."
    },
    {
      "heading": "Regional and global integration",
      "content": "- Tunisia is actively promoting regional and global cooperation.\n- Association Agreement with the European Union provides for eliminating tariffs on manufactured goods by 2008.\n- Support for Maghreb integration and recent IMF-endorsed initiatives.\n- Several bilateral free trade agreements recently signed.\n- Note: Most Favored Nation (MFN) tariffs have been significantly reduced, but they remain relatively high."
    },
    {
      "heading": "Transparency and statistical practices",
      "content": "- Commended Tunisia’s support for transparency in policy making.\n- Authorities have systematically published all IMF documents on Tunisia.\n- Tunisia subscribes to the IMF Special Data Dissemination Standard.\n\nSource: Press Release No. 07/65 — Statement by IMF Deputy Managing Director Murilo Portugal, April 6, 2007.\n\n---\n\n\n References\n\n- Tunisia and the IMF\n- Portugal and the IMF\n- Press Releases\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2015/09/14/01/49/pr0765"
    }
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    "Published: April 6, 2007",
    "Statement date and location: April 6, 2007 in Tunis.",
    "Speaker: Mr. Murilo Portugal, Deputy Managing Director of the International Monetary Fund (IMF).",
    "Purpose: Concluding statement summarizing meetings with Tunisian authorities and assessment of Tunisia’s economic situation and policy priorities.",
    "Annual real GDP growth averaged about 5 percent during the past decade.",
    "Tunisia’s GDP per capita is described as among the highest in the region.",
    "The IMF supported Tunisia with technical assistance and policy advice.",
    "Key medium-term objective: substantially reduce unemployment by significantly raising the already strong growth rate of the economy.",
    "The strategy in the 11th Plan is characterized as ambitious yet achievable if the pace of reforms is accelerated along three main axes:",
    "Further liberalization and improvement in the business climate to promote domestic and foreign investment.",
    "Further reduction in external debt; authorities plan to allocate a large proportion of privatization receipts for early repayment of the external debt.",
    "Continue fiscal consolidation through increased efficiency in spending and broadening of the tax base.",
    "Pragmatic approach to liberalizing the capital account is commended.",
    "As liberalization advances:",
    "Central Bank progress: the new central bank law constitutes a significant step toward clarifying the monetary policy objective.",
    "Strengthening the financial sector is a priority.",
    "Specific focus on reducing the level of non performing loans.",
    "Encouraged by progress in implementing most recommendations of the Financial Sector Assessment Program conducted in collaboration with the IMF and the World Bank.",
    "Tunisia is actively promoting regional and global cooperation.",
    "Association Agreement with the European Union provides for eliminating tariffs on manufactured goods by 2008.",
    "Support for Maghreb integration and recent IMF-endorsed initiatives.",
    "Several bilateral free trade agreements recently signed.",
    "Note: Most Favored Nation (MFN) tariffs have been significantly reduced, but they remain relatively high.",
    "Commended Tunisia’s support for transparency in policy making.",
    "Authorities have systematically published all IMF documents on Tunisia.",
    "Tunisia subscribes to the IMF Special Data Dissemination Standard.",
    "[Tunisia and the IMF](http://www.imf.org/external/country/TUN/index.htm)",
    "[Portugal and the IMF](http://www.imf.org/external/country/PRT/index.htm)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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