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IMF Backs Tunisia’s Investment Code For Public Banks

tunisia investment code

By Modupe Gbadeyanka

The International Monetary Fund (IMF) has welcomed Tunisia’s IMF Extended Fund Facility (EFF) arrangement.

The global financial institution also said the North African country’s new investment code and business plans for public banks is a welcomed idea.

The IMF, which had a mission to Tunisia, visited Tunis from October 28 to November 10, 2016, to discuss policy priorities of the first review of Tunisia’s economic program supported by a four-year IMF Extended Fund Facility (EFF) arrangement.

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The mission led by Mr Björn Rother noted that it held constructive discussions with the Tunisian authorities on the policies needed to complete the first review under its EFF arrangement.

Mr Rother said IMF okayed authorities’ good progress in adopting critical policies such as the new investment code and business plans for public banks.

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“Near-term priorities aim at containing rapid increases in public debt, which stands above 60 percent of GDP, and laying the foundations for sustainable growth that improves the lives of all Tunisians,” the IMF said.

“Specifically, they include: approving a 2017 budget law that boosts the public investment envelope and keeps the overall deficit and current spending at sustainable levels, develop medium-term tax measures, and adopting a comprehensive civil service reform strategy that improves availability, quality and efficiency of services,” Mr Rother noted.

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However, the IMF revealed that discussions with the authorities on these reforms will continue from Washington over the next weeks.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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