Algeria helps Tunisia with $300m as a loan
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Hashim Sheikh
- . December 16, 2021
- . Update: December 17, 2021 3:25 pm
Algeria–Tunisia is going through a financial crisis and because of the ongoing pandemic, the country is struggling to get back on its feet. On Tuesday, the country received a loan of $300m from Algeria. This was before Algerian President Abdelmadjid Tebboune made a visit to Tunisia. The statement which was released stated that President Kais Saied signed off a deal on December 9 of around 288 million euros.
Over decades of instability in the country, Tunisia is also battling a political turmoil. At a time like this, it is extremely difficult for countries to trust such a leadership and Algeria coming up to extend a helping means that there is a growing trend in the diplomatic ties.
The nation is also going through increased unemployment, low investment and structural problems. The executive powers have also been mishandled to the very core which is deeply affecting the economic situation of the country. Things had reportedly gone haywire after Saied sacked the government and seized an array of powers on July 25. He even promised that there is a plan in progress to bring back democracy but the plan has yet not been made public to reassure the civilians.
As of now, the nation’s economy has come down to just 0.6 percent a year since its 2011 revolution while the inflation has increased to six percent a year. Tunisia has all the signs of a negative business environment and investment structure.
