{
  "title": "Tunisia: Third Review Under the Stand-by Arrangement, Request for Modification of Performance Criteria and Waivers of Applicability",
  "publication": "IMF Staff Country Reports, May 19, 2014",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/tunisia-third-review-under-the-stand-by-arrangement-request-for-modification-of-performance-41564",
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  "summary": "EXECUTIVE SUMMARY Context. On June 7, 2013, the Executive Board approved a 24-month SBA in an amount equivalent to 400 percent of quota (SDR 1.15 billion or about $1.75 billion). To date, SDR 427.92 equivalent to $659 million has been disbursed.",
  "publishDate": "2014-05-19",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Executive Summary — Key Findings",
      "content": "- On June 7, 2013, the Executive Board approved a 24-month SBA in an amount equivalent to 400 percent of quota (SDR 1.15 billion or about $1.75 billion).\n- To date, SDR 427.92 equivalent to $659 million has been disbursed.\n- The pillars of the program are to:\n  - (i) achieve short-term macroeconomic stability;\n  - (ii) lay the foundation for stronger and more inclusive growth; and\n  - (iii) protect the most vulnerable.\n- The program is broadly on track.\n  - Two out of three 2013 end-December quantitative performance criteria (QPC) targets have been missed, but by a smaller margin than originally envisaged.\n  - All end-March 2014 QPCs are expected to be met.\n- Progress on the structural reform agenda has been slowed by last year’s political crisis and the transition between governments.\n- The completion of the third review will make SDR 145.08 million (about $225 million) available."
    },
    {
      "heading": "Context and Background",
      "content": "- Adoption of a new constitution and formation of a new technocratic government in January 2014 led to greater confidence on political prospects and economic reforms.\n- Growth has been moderate and remains insufficient to bring down unemployment significantly in the short term.\n- External and fiscal imbalances remain high, while demands for higher wages and additional jobs are rising."
    },
    {
      "heading": "Program Strategy and Policy Recommendations",
      "content": "- Fiscal and monetary framework:\n  - Contain current expenditures.\n  - Pursue prudent monetary policy.\n  - Increase exchange rate flexibility to contain high external and fiscal deficits and to build investors’ confidence.\n- Financial sector reforms:\n  - Improve banking regulation.\n  - Adopt a strategic orientation of public banks.\n  - Strengthen supervision to reduce banking sector fragilities currently hampering private sector development.\n- Structural and growth-enhancing measures:\n  - Scale up public investments.\n  - Reform tax policy and revenue administration.\n  - Accelerate public enterprise reform.\n  - Protect the most vulnerable to help lay the foundations for more inclusive growth and level the playing field for investors."
    },
    {
      "heading": "Risks to Program Implementation",
      "content": "- Main risks identified:\n  - Regional and domestic security tensions.\n  - Set-backs in the political transition.\n  - Weaker economic activity in major trading partners.\n- Conditionality for successful implementation:\n  - Government’s ability to garner consensus among political parties backing it.\n  - Government’s capacity to push reforms through vested interests."
    },
    {
      "heading": "Subject Areas and Keywords (as listed)",
      "content": "- Subject: Banking, Credit, Economic sectors, Financial institutions, Government debt management, Money, Public debt, Public enterprises, Public financial management (PFM), State-owned banks\n- Keywords: authority, core inflation, cost, CR, Credit, disbursement of SDR, Europe, Global, Government debt management, government participation, ISCR, project execution, Public enterprises, recapitalization, restructuring, restructuring plan, State-owned banks\n\nInternational Monetary Fund. Middle East and Central Asia Dept. \"Tunisia: Third Review Under the Stand-by Arrangement, Request for Modification of Performance Criteria and Waivers of Applicability\", IMF Staff Country Reports 2014, 123 (2014).\n\n---\n\n Content in this bundle\n\n- cr14123 - Executive Summary\n  - cr14123 - Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr14123 - Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/tunisia-third-review-under-the-stand-by-arrangement-request-for-modification-of-performance-41564"
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    "Published: May 19, 2014",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484394472.002",
    "On June 7, 2013, the Executive Board approved a 24-month SBA in an amount equivalent to 400 percent of quota (SDR 1.15 billion or about $1.75 billion).",
    "To date, SDR 427.92 equivalent to $659 million has been disbursed.",
    "The pillars of the program are to:",
    "The program is broadly on track.",
    "Progress on the structural reform agenda has been slowed by last year’s political crisis and the transition between governments.",
    "The completion of the third review will make SDR 145.08 million (about $225 million) available.",
    "Adoption of a new constitution and formation of a new technocratic government in January 2014 led to greater confidence on political prospects and economic reforms.",
    "Growth has been moderate and remains insufficient to bring down unemployment significantly in the short term.",
    "External and fiscal imbalances remain high, while demands for higher wages and additional jobs are rising.",
    "Fiscal and monetary framework:",
    "Financial sector reforms:",
    "Structural and growth-enhancing measures:",
    "Main risks identified:",
    "Conditionality for successful implementation:",
    "Subject: Banking, Credit, Economic sectors, Financial institutions, Government debt management, Money, Public debt, Public enterprises, Public financial management (PFM), State-owned banks",
    "Keywords: authority, core inflation, cost, CR, Credit, disbursement of SDR, Europe, Global, Government debt management, government participation, ISCR, project execution, Public enterprises, recapitalization, restructuring, restructuring plan, State-owned banks",
    "**_cr14123 - Executive Summary**"
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