{ "title": "IMF Staff Concludes Visit to Tunisia", "publication": "IMF News, July 17, 2019", "sourceUrl": "https://www.imf.org/en/news/articles/2019/07/17/pr19286-tunisia-imf-staff-concludes-visit", "canonical": "https://www.imf.org/en/news/articles/2019/07/17/pr19286-tunisia-imf-staff-concludes-visit", "overlayPath": "/en/news/articles/2019/07/17/pr19286-tunisia-imf-staff-concludes-visit/index.md", "summary": "Press Release No. 19/286", "publishDate": "2019-07-17", "sections": [ { "heading": "Mission details", "content": "- Press Release No. 19/286\n- July 17, 2019\n- An IMF staff team led by Björn Rother visited Tunis from July 11–17, 2019.\n- End-of-Mission note: \"This mission will not result in a Board discussion.\"\n- IMF Communications Department — MEDIA RELATIONS. PRESS OFFICER: Wafa Amr. Phone: +1 202 623-7100 Email: MEDIA@IMF.org" }, { "heading": "Key findings on macroeconomic developments", "content": "- Tight monetary and fiscal policies during the first half of 2019 have reduced inflation and laid the foundation for a second year of budget deficit reduction.\n- Inflation: 6.8 percent in June from a peak of 7.7 percent a year earlier.\n- Lower refinancing as of end-June contributed to disinflationary outcomes.\n- Public debt reached 77 percent of GDP at the end of 2018." }, { "heading": "Economic outlook and risks", "content": "- Growth forecast: \"Growth will likely be limited to at most 2 percent\" for 2019.\n- Downside factors highlighted:\n - Disappointing performance of industry in recent months.\n - Recent appreciation of the dinar.\n - Increase in oil prices.\n - Slower growth in Tunisia’s main trading partners.\n- Offsetting factor: \"More favorable than expected performance of the tourism sector.\"\n- These risks are \"likely to weigh on the fiscal and external current accounts.\"" }, { "heading": "Policy priorities and recommendations", "content": "- Near-term policy focus:\n - Continue reducing fiscal and external deficits.\n - Lower inflation further.\n - Strengthen the social safety net for low-income households.\n- Fiscal consolidation specifics:\n - Meeting the budget deficit target of 3.9 percent of GDP for 2019 is described as \"critical to slow down the accumulation of public debt.\"\n - Required actions include continued strong performance on tax and tax arrears collection and additional measures to contain current expenditures.\n - Suggested containment measures: continued moderation of the wage bill and energy subsidies, noting the constraint of higher international oil prices.\n- Social protection:\n - Staff supports the authorities’ ongoing efforts to strengthen social safety nets especially for low-income households.\n- Monetary and exchange rate policy:\n - \"Monetary policy should remain geared towards reducing inflation that erodes the purchasing power of Tunisians.\"\n - \"Exchange rate flexibility can support an improvement in the current account and international reserves.\"" }, { "heading": "Stakeholder engagement", "content": "- The IMF team met with:\n - Minister of Finance Ridha Chalghoum\n - Minister of Development, Investment and International Cooperation Zied Laâdhari\n - Minister of Major Reforms Taoufik Rajhi\n - Central Bank Governor Marouane El Abassi\n - Representatives of the labor and employers’ unions, the private sector, civil society, and the diplomatic community.\n- The mission \"would like to thank the authorities and all those with whom it met for their warm welcome and constructive discussions.\"\n\nIMF Staff Concludes Visit to Tunisia — Press Release No. 19/286, July 17, 2019\n\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/2019/07/17/pr19286-tunisia-imf-staff-concludes-visit" } ], "bullets": [ "[Markdown version](/en/news/articles/2019/07/17/pr19286-tunisia-imf-staff-concludes-visit/index.md)", "[Structured JSON version](/en/news/articles/2019/07/17/pr19286-tunisia-imf-staff-concludes-visit/index.json)", "[Bundle manifest](/en/news/articles/2019/07/17/pr19286-tunisia-imf-staff-concludes-visit/bundle-manifest.json)", "Published: July 17, 2019", "Press Release No. 19/286", "July 17, 2019", "An IMF staff team led by Björn Rother visited Tunis from July 11–17, 2019.", "End-of-Mission note: \"This mission will not result in a Board discussion.\"", "IMF Communications Department — MEDIA RELATIONS. PRESS OFFICER: Wafa Amr. 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