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Tunisia: External debt service up 44.4% by late October 2023
Tunisia has just repaid a bond loan in euros for 2017, as part of the list of loan repayments for the year 2023
Banque Centrale De Tunisie 5,625% 2024 euro XS1567439689
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Calendrier des remboursements de la dette publique en 2024
Les mois d'octobre et février 2024 seront les plus chargés avec respectivement des remboursements de 25% et 20% du total des amortissements cumulés de
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Cash-strapped Tunisia wants to take the unprecedented step of borrowing billions from its central bank to address budget deficits and bandage its economic crisis, a step that experts warn could bring inflation and lessen faith in institutions.
In an emergency meeting behind closed doors, parliament's finance committee on Wednesday considered a request from President Kais Saied's government to borrow the funds after it previously overhauled laws designed to guarantee the bank's autonomy.
In an emergency meeting behind closed doors, parliament's finance committee on Wednesday considered a request from President Kais Saied's government to borrow the funds after it previously overhauled laws designed to guarantee the bank's autonomy.
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UPDATE 1-Tunisia asks central bank for funds to pay urgent foreign debts- minister
Oggi 15:50 - RSF
(Adds details and background)
By Tarek Amara
TUNIS, Feb 1 (Reuters) - The Tunisian government has resorted to requesting direct financing from the central bank to pay urgent foreign debts, including bonds worth 850 million euros ($920 million) that mature on Feb. 16, Finance Minister Sihem Boughdiri said.
The government requested exceptional direct funding from the central bank worth 7 billion dinars ($2.25 billion) to fill a deficit in this year's budget, given the scarcity of external finance, three lawmakers told Reuters on Tuesday.
"Despite all the difficulties in public finances Tunisia is committed to pay its foreign debts on time in order to preserve the national sovereignty," Bougdhiri told the parliament finance committee.
Tunisia paid all its foreign debts in 2023, dispelling doubts about the possibility of default. But economists say that 2024 will be very difficult, as the government needs to pay $4 billion of foreign debts in 2024, an increase of 40% compared with 2023.
Since President Kais Saied seized almost all powers, dissolved Parliament in 2021, and then began ruling by decree in a move that the opposition described as a coup, Tunisia is facing major difficulties in obtaining external funding from the West.
Central bank governor Marouan Abassi told the finance committee that repaying a loan worth 850 million euros will lead to a decline in foreign exchange reserves equivalent to the amount needed for 14 days of imports and will have an impact on the exchange rate.
Last year, Saied said the law must be reviewed to allow the central bank to finance the budget directly by buying state bonds, a step the bank's governor has warned against.
Abassi warned in 2022 that government plans to ask the bank to buy treasury bonds had serious risks, including causing upward pressure on inflation, and a drop in the value of Tunisia's currency.
He said the move would uncontrollably increase inflation which could be in the triple digits, and warned "a Venezuelan scenario will be repeated in Tunisia," referring to Venezuela's recent economic crisis that led to hyperinflation.
Oggi 15:50 - RSF
(Adds details and background)
By Tarek Amara
TUNIS, Feb 1 (Reuters) - The Tunisian government has resorted to requesting direct financing from the central bank to pay urgent foreign debts, including bonds worth 850 million euros ($920 million) that mature on Feb. 16, Finance Minister Sihem Boughdiri said.
The government requested exceptional direct funding from the central bank worth 7 billion dinars ($2.25 billion) to fill a deficit in this year's budget, given the scarcity of external finance, three lawmakers told Reuters on Tuesday.
"Despite all the difficulties in public finances Tunisia is committed to pay its foreign debts on time in order to preserve the national sovereignty," Bougdhiri told the parliament finance committee.
Tunisia paid all its foreign debts in 2023, dispelling doubts about the possibility of default. But economists say that 2024 will be very difficult, as the government needs to pay $4 billion of foreign debts in 2024, an increase of 40% compared with 2023.
Since President Kais Saied seized almost all powers, dissolved Parliament in 2021, and then began ruling by decree in a move that the opposition described as a coup, Tunisia is facing major difficulties in obtaining external funding from the West.
Central bank governor Marouan Abassi told the finance committee that repaying a loan worth 850 million euros will lead to a decline in foreign exchange reserves equivalent to the amount needed for 14 days of imports and will have an impact on the exchange rate.
Last year, Saied said the law must be reviewed to allow the central bank to finance the budget directly by buying state bonds, a step the bank's governor has warned against.
Abassi warned in 2022 that government plans to ask the bank to buy treasury bonds had serious risks, including causing upward pressure on inflation, and a drop in the value of Tunisia's currency.
He said the move would uncontrollably increase inflation which could be in the triple digits, and warned "a Venezuelan scenario will be repeated in Tunisia," referring to Venezuela's recent economic crisis that led to hyperinflation.
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Tunisia’s holdings in foreign currency fell more than 11% over the weekend as an 850 million Eurobond ($915 million) matured.
The reserves declined to 23.06 billion dinars ($7.4 billion) as of Feb. 19 compared with 26.04 billion dinars on Feb. 16, according to data reported Monday by the country’s central bank. The drop reduced the reserves’ imports coverage by two weeks to 105 days, close to the critical level of three months.
The reserves declined to 23.06 billion dinars ($7.4 billion) as of Feb. 19 compared with 26.04 billion dinars on Feb. 16, according to data reported Monday by the country’s central bank. The drop reduced the reserves’ imports coverage by two weeks to 105 days, close to the critical level of three months.
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