{
  "title": "Press Release: IMF Executive Board Approves a 24-month US$1.74 Billion Stand-By Arrangement with Tunisia",
  "publication": "IMF News, June 7, 2013",
  "sourceUrl": "https://www.imf.org/en/news/articles/2015/09/14/01/49/pr13202",
  "canonical": "https://www.imf.org/en/news/articles/2015/09/14/01/49/pr13202",
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  "summary": "The Executive Board approved a 24-month Stand-By Arrangement equivalent to SDR 1.146 billion ( US$1.74 billion) to support Tunisia’s economic reform program during 2013-2015.",
  "publishDate": "2013-06-07",
  "sections": [
    {
      "heading": "Program approval and financing",
      "content": "- The Executive Board approved a 24-month Stand-By Arrangement equivalent to SDR 1.146 billion ( US$1.74 billion) to support Tunisia’s economic reform program during 2013-2015.\n- An amount equivalent to SDR 98.8 million (about US$150.2 million) is available for immediate disbursement; the remaining amount will be phased in over the duration of the program, subject to eight program reviews.\n- The Stand-By Arrangement entails regular access to IMF resources, amounting to 400 percent of Tunisia’s quota."
    },
    {
      "heading": "Objectives and expected outcomes",
      "content": "- Primary objectives: strengthen fiscal and external buffers, foster higher inclusive growth, and protect the most vulnerable.\n- The program is expected to: reduce vulnerabilities from the international economic environment and political transition; lay foundations for a return of investor confidence; and improve the economy’s resilience to future shocks."
    },
    {
      "heading": "Policy measures and structural reforms",
      "content": "- Fiscal and external buffer measures:\n  - Implement an appropriate fiscal policy that creates space for one-off costs (such as banking recapitalization) and investment spending while avoiding crowding out private-sector credit.\n  - Pursue a prudent monetary policy aimed at containing inflation.\n  - Maintain greater exchange rate flexibility to preserve reserves against exogenous shocks.\n- Banking sector reforms:\n  - Audit public banks.\n  - Strengthen banking supervision.\n  - Align prudential norms with international standards.\n  - Improve data quality and develop a bank resolution mechanism.\n- Fiscal and tax reforms:\n  - Fiscal reforms to increase fiscal space through wage restraint and subsidy reform.\n  - Comprehensive reform of tax policy and revenue administration to broaden the tax base and improve equity.\n  - Medium-term fiscal consolidation to allow a better composition of expenditures, including sustained public investments.\n- Structural reforms to boost growth and inclusion:\n  - Accelerate reforms to promote private-sector development, lower regional disparities, and reduce pervasive state intervention.\n  - Streamline fiscal incentives and regulatory barriers, including through a new investment code and corporate tax reform, and reduce red tape.\n- Social protection:\n  - Strengthen social assistance mechanisms and undertake a systematic assessment of the social impact of envisaged reforms."
    },
    {
      "heading": "Recent developments and key challenges",
      "content": "- Post-January 2011 revolution impacts:\n  - Real GDP contracted by 2 percent in 2011.\n  - Foreign direct investment (FDI) and tourism declined by more than 30 percent year-on-year.\n  - Unemployment rose to record levels.\n- Recovery and financing:\n  - The economy began a moderate recovery in 2012.\n  - The deteriorating current account deficit was partly financed by sustained donor financing, strengthened FDI and market access, helping increase reserves (but to a level still below 2010).\n- Ongoing challenges:\n  - Fragile banking sector, widespread social and economic disparities, and high youth unemployment.\n  - Fiscal space has been reduced to meet pressing social and investment needs, although public debt remains at sustainable levels.\n  - Addressing these challenges amid a political transition remains demanding."
    },
    {
      "heading": "Tunisia: Selected economic indicators and projections (2009–14)",
      "content": "- Population: 10.7 million (2012)\n- Per capita GDP: US$4232 (2012)\n- Quota: SDR 286.5 million\n- Poverty rate: 12 percent (2010)\n- Key export market: France, Italy\n- Literacy rate: 78 percent (2011)\n- Main exports: textiles, electronic and mechanical goods, energy, tourism\n\n- Production and income (Percent Change, unless otherwise indicated)\n  - Real GDP: 2009: 3.1; 2010: 2.8; 2011: -1.9; 2012: 3.6; 2013: 4.0; 2014: 4.5\n  - GDP deflator: 2009: 3.3; 2010: 4.7; 2011: 5.1; 2012: 5.3; 2013: 5.6; 2014: 4.4\n  - Gross national savings (percent of GDP): 2009: 22.1; 2010: 21.8; 2011: 16.5; 2012: 17.3; 2013: 19.0\n  - Gross investment (percent of GDP): 2009: 24.9; 2010: 26.6; 2011: 24.1; 2012: 25.4; 2013: 24.7; 2014: 25.0\n\n- Employment\n  - Unemployment rate (end of period): 2009: 13.3; 2010: 13.0; 2011: 18.9; 2012: 16.7; 2013: ...\n\n- Prices\n  - Consumer price index (CPI), average: 2009: 3.5; 2010: 6.0\n  - Consumer price index (CPI), end of period: 2009: 4.1; 2010: 4.2; 2011: 5.9; 2012: 5.0\n\n- Central government finances (percent of GDP)\n  - Revenue (excl. grants): 2009: 23.1; 2010: 23.3; 2011: 24.2; 2012: 23.8; 2013: 24.0\n  - Expenditure and net lending: 2009: 25.8; 2010: 23.9; 2011: 27.7; 2012: 28.5; 2013: 31.1; 2014: 30.3\n  - Fiscal balance (excl. grants): 2009: -2.7; 2010: -0.6; 2011: -3.5; 2012: -5.4; 2013: -7.3; 2014: -6.4\n  - Structural fiscal balance 1/: 2009: -2.3; 2010: -1.1; 2011: -2.9; 2012: -4.7; 2013: -5.0; 2014: -3.8\n  - Total government debt (foreign and domestic): 2009: 42.8; 2010: 40.4; 2011: 44.0; 2012: 45.3; 2013: 49.5\n\n- Money and credit\n  - Broad money (M3 of the financial system): 2009: 12.1; 2010: 9.1; 2011: 8.4; 2012: 12.6; 2013: 12.0\n  - Credit to the economy: 2009: 10.3; 2010: 19.6; 2011: 13.4; 2012: 8.7; 2013: 10.8; 2014: 11.7\n  - Money market rate (end of period) 2/: 2009: 4.10; 2010: 4.12; 2011: 3.53; 2012: 3.30; 2013: …\n\n- External sector\n  - Current account balance (percent of GDP, excl. grants): 2009: -2.8; 2010: -4.8; 2011: -8.1; 2012: -7.5; 2013: -6.0\n  - Exports of goods, f.o.b. (in US$): 2009: -24.8; 2010: 14.0; 2011: 8.5; 2012: -5.2; 2013: 6.5\n  - Imports of goods, f.o.b. (in US$): 2009: -21.9; 2010: 15.9; 2011: 7.7; 2012: 1.5; 2013: 3.7\n  - FDI (percent of GDP): 2009: 3.0; 2010: 0.9; 2011: 3.9; 2012: 2.1; 2013: 2.5\n  - Gross official reserves (US$ billions, end of period): 2009: 10.6; 2010: 9.5; 2011: 7.5; 2012: 8.6; 2013: 9.0\n  - Gross reserves (months of imports) 3/: 2009: 5.2; 2010: 3.4; 2011: 3.8\n  - External debt (percent of GDP): 2009: 49.4; 2010: 48.3; 2011: 47.8; 2012: 51.6; 2013: 51.1; 2014: 54.5\n  - REER (index): 2009: -1.2; 2010: -0.5; 2011: -1.7; 2012: 0.0\n\n- Memorandum items:\n  - GDP at current prices (TD millions): 2009: 58,883; 2010: 63,397; 2011: 65,370; 2012: 71,332; 2013: 78,334; 2014: 85,465\n\n- Notes from sources: Tunisian authorities and IMF staff estimates and projections.\n- Footnotes included in original: 1/ Excludes banking recapitalization costs and one-off arrears payments for energy subsidies. 2/ Latest data for current year. 3/ End-of-year reserves over next year’s imports of goods and services.\n\nIMF Communications Department press release, June 7, 2013.\n\n---\n\n Content in this bundle\n\n- Pr13202apdf (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- Tunisia 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/pr13202"
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    "Published: June 7, 2013",
    "The Executive Board approved a 24-month Stand-By Arrangement equivalent to SDR 1.146 billion ( US$1.74 billion) to support Tunisia’s economic reform program during 2013-2015.",
    "An amount equivalent to SDR 98.8 million (about US$150.2 million) is available for immediate disbursement; the remaining amount will be phased in over the duration of the program, subject to eight program reviews.",
    "The Stand-By Arrangement entails regular access to IMF resources, amounting to 400 percent of Tunisia’s quota.",
    "Primary objectives: strengthen fiscal and external buffers, foster higher inclusive growth, and protect the most vulnerable.",
    "The program is expected to: reduce vulnerabilities from the international economic environment and political transition; lay foundations for a return of investor confidence; and improve the economy’s resilience to future shocks.",
    "Fiscal and external buffer measures:",
    "Banking sector reforms:",
    "Fiscal and tax reforms:",
    "Structural reforms to boost growth and inclusion:",
    "Social protection:",
    "Post-January 2011 revolution impacts:",
    "Recovery and financing:",
    "Ongoing challenges:",
    "Population: 10.7 million (2012)",
    "Per capita GDP: US$4232 (2012)",
    "Quota: SDR 286.5 million",
    "Poverty rate: 12 percent (2010)",
    "Key export market: France, Italy",
    "Literacy rate: 78 percent (2011)",
    "Main exports: textiles, electronic and mechanical goods, energy, tourism",
    "Production and income (Percent Change, unless otherwise indicated)",
    "Employment",
    "Prices",
    "Central government finances (percent of GDP)",
    "Money and credit",
    "External sector",
    "Memorandum items:",
    "Notes from sources: Tunisian authorities and IMF staff estimates and projections.",
    "Footnotes included in original: 1/ Excludes banking recapitalization costs and one-off arrears payments for energy subsidies. 2/ Latest data for current year. 3/ End-of-year reserves over next year’s imports of goods and services.",
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    "[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/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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