IMF announces “excellent progress” after Tunisia bailout discussions

IMF_Tunisia

Tunisia Tunisia– Tunisia and the International Monetary Fund made “excellent progress” in negotiations over a possible multibillion-dollar bailout for the country’s crisis-plagued economy, according to the lender. The North African country is in desperate need of assistance due to sluggish growth, massive public debt, inflation, and unemployment.

The IMF, located in Washington, has urged for “deep reforms” and a reduction in government spending. On Tuesday, the two parties ended days of online sessions aimed at better understanding Tunisia’s reform agenda. Chris Geiregat, the IMF’s Tunisia representative, complimented their “great cooperation.” He remarked, “We made good progress and will continue our negotiations in the next weeks.”

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Tunisia’s fiscal imbalances, particularly its public sector salary bill, have previously alarmed the IMF. President Kais Saied of Tunisia, who suspended parliament and took broad powers last summer, has stated nothing about any economic agenda. However, Tunisia’s powerful UGTT trade union confederation is anticipated to fight any suggested austerity measures.

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