| 25 January 2013 | 2 Comments
 
 

Prime Minister Hamadi Jebali (L) & World Bank President Jim Yong Kim (R)

World Bank President Jim Yong Kim reaffirmed the institution’s commitment to Tunisia’s political transition and stressed the need for Tunisia to achieve inclusive economic development. He added that Tunisia could serve as a model in which both Islam and democracy are politically compatible.

“[Now] we’ve got to make sure that Tunisia is successful in showing that Islam and democracy go together, that you can have economic development that includes everyone,” said the World Bank president.

These remarks came during Kim’s two-day visit to Tunisia, which concluded yesterday, January 24.

Kim highlighted the international backer’s will to assist Tunisia financially through the difficult times facing its economy.

“We are here as strong supporters of the Tunisian revolution […] despite the fact that there will be some pain going forward, we at the World Bank are bringing evidence and experience so that you can get through this next difficult period as effectively as you can,” Kim said.

The World Bank’s private sector arm, the International Finance Corporation (IFC), announced during Kim’s visit a $48 million loan to support the growth of private entrepreneurship. The loan is to be given to Amen Bank, which is expected in turn to assist smaller businesses. The IFC will additionally provide Amen Bank with advice in risk management and corporate governance.

During his visit, Kim met with President Moncef Marzouki, Prime Minister Hamadi Jebali, and Head of the National Constituent Assembly Mustapha Ben Jaafar. His meetings included ministers of investment and finance as well as Central Bank Governor Chedly Ayari.

The World Bank recently approved a $500 million budget-support loan to Tunisia, targeting key reforms in the country’s economic sectors and the transparency of accounts. World Bank Partners – the African Development Bank and the European Union – also provided Tunisia with $700 million in loans to support its transition.


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  1. Jawed says:
    27 January 2013 at 23:08

    Without the implementation of financial transparency laws, the loans extended to the current Tunisian government could be mismanaged. So far, the Tunisian economy had shown little signs of improving. This is an indication of the government’s inability to provide the necessary conditions in terms of security and transparency, which will help the economy improve and grow at a faster pace than what we’ve seen so far. The assistance of the international financial institutions like the World bank will not continue unless positive economic results are shown soon. Government failure to reform the banking system, customs, and other opaque financial practices will undoubtedly lead Tunisia to an economic crisis worse in scope than the one experienced in the mid-1980s, which cost Tunisia dearly and led to Ben Ali’s coup and subsequent dictatorial regime.

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  2. mark says:
    25 January 2013 at 19:25

    Before anyone give any more money to this government they need to see movement for the people

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