10 April 2013 5:21 pm | | 4


Share     Share       Share     Share  

IMF Tunisia

IMF logo. Image courtesy Al-Arabiya.

The Tunisian government is in agreement with the IMF on the terms of an emergency loan package, Ministry of Finance spokesperson Oumaya Saharaoui told Tunisia Live, and will sign an agreement in May or June after final arrangements are made. An IMF delegation is currently in Tunis to discuss the agreement.

The loan accord has been controversial, with critics arguing that the negotiation process has not been sufficiently transparent and that the deal would improperly cede authority over Tunisian economic policy to outside actors. The Finance Ministry rejected this criticism.

“This is on the level of the country, and since when do we ask people about things such as loans and major financial issues?,” asked Saharaoui, disputing the notion that the procedures were undemocratic.

The deal would provide for a stand-by loan worth $1.78 billion, but Tunisian officials have asserted that this money would only be used in an emergency and that they do not anticipate drawing on these funds.

The agreement is a “precautionary measure to help support the country during the transition period and, if need be, cope with exogenous shocks that could come from the global environment,” according to an IMF statement released in February.

Finance Minister Elyes Fakhfakh told Bloomberg that it is important to gain a guarantee from the IMF to shield Tunisia against financial instability within the country and the economic crisis in Europe.

Tunisia would be required to commit to a set of structural economic reforms to secure the loan, but Fakhfakh said that reforms have already been underway in Tunisia, with the IMF requirements are “very small” in comparison.

Lobma Jribi, member of the National Constituent Assembly (NCA) subcommittee on finance and member of the Ettakatol party, said the NCA will approve the agreement after it is signed by the government.

Hizb Ettahrir party has been a vocal critic of the IMF agreement, protesting the arrival of the IMF delegation on April 8th. Party leader Ridha Bel Haj told Tunisia Live he opposes the loan because it advances a political agenda aimed at controlling Tunisian affairs and would force future generations of Tunisians to pay back the debt.

Bel Haj said that Tunisia, as an Arab and Islamic country, has a duty to follow sharia (Islamic law) in its financial decisions. He asserted that an IMF agreement would be incompatible with Islamic principles, and that it is also not the correct decision for a sovereign state.

“It’s humiliating to knock doors to get money,” said Ben Haj, who suggested that agreements with neighbors such as Libya may be a viable option.

Share     Share       Share     Share  

  From the same category

            

Switzerland to Return $40 Million in Ben Ali Assets to Tunisia

Economy to ‘Remain Tough,’ 2015 to Be Worse, Says Government

Tunisia Pitches Development Projects to Arab Funders

Private Airline to Start Flights to New York

            

Ben Ali Family’s Corrupt Grasp on Tunisian Economy Detailed in New Report

New 5 Dinar Bill Replaces Last Ben Ali Banknote

African Development Bank Maintains $2.1 Billion in Support for Tunisia

Despite Possible Price Increase, Beer Drinkers Say They Will Keep Drinking

            

Elimination of Cement Subsidies Could Raise Construction Costs

Union and Government Discuss Potential Minimum Wage Increase

Protesting Police Officers Block Traffic at Major Tunis Roundabout

Bahrain Bank Funding New Three Billion Dollar Investment Center in Tunisia


Comments (4)

Trackback URL | Comments RSS Feed

  1. blond says:

    @benamor
    you and your Berbers are a bunch of losers.
    I”d rather think of myself and most of my Tunisian peers as Arabs and Muslims…at least I’d be belonging to a CIVILIZATION….even if it is no more at its top…it is still a CIVILIZATION.
    As for the Berbers, they are nothing, were nothing and will be nothing….a detail in the history of humankind. Just like your little self.

  2. Mohamed benamor says:

    Mr. Bel Haj Tunisia is neither Arab nor Islamic country, Tunisia is a country of Berbers, Sharia law belongs to those backward countries like Saudi Arabia, Qatar and so on. those countries are lucky to have oil, when they did not have oil they were the most backward countries in the world, the oil monies has not changed their “rotten” backward mentality. Mr Bel Haj wake up and lets go forward instead of backward.

  3. Truthteller says:

    I think the Tunisian government should ditch the IMF(with all of its conditionalities) and strike up a loan deal with Libya. The Libyans need the labor force and could supply the capital to keep the Tunisian economy afloat.

Leave Feedback


  Follow us

Connect on YouTube Connect on Google+ Connect to itunes Subscribe via RSS Feed



  Latest Videos


Play Video

Motocross Racers in the Forests of Bizerte, Tunisia

Bizerte, the northernmost city in Africa, hosted the fourth round of the...

Play Video

Endangered Whale Brought Ashore in Tunis Suburb

Onlookers in the popular tourist spot of Sidi Bou Said, near Tunis,...

Play Video

'Kima Enti:' Mixing Tunisian Traditions With Modern Design

"Kima Enti" is a hand-made art and design project launched by independent...

Play Video

One-Year Anniversary of Chokri Belaid's Death

On February 6, 2014, family and supporters of slain Tunisian politician Chokri...

Play Video

Klay BBJ explains his arrest

Tunisia Live's Nissaf Slama interviews rapper Klay BBJ on his music, arrest,...



Tabbed Structure - Regular
UGTT Union Nominated for Nobel Peace Prize...
(1570 Views)
Unemployed Tunisians Risk Their Lives to Build Future...
(1336 Views)
Switzerland to Return $40 Million in Ben Ali...
(1204 Views)
Tunisia Returns Stolen Ancient Artifact to Algeria...
(1204 Views)
Pollution Ravages Old Port of Tunis...
(992 Views)
NCA Approves Judicial Body, Looks Ahead to Electoral...
(986 Views)
Motocross Racers in the Forests of Bizerte...
(948 Views)
Ben Ali Officials To Be Released in Revolution...
(877 Views)
Members ‘Freeze’ NCA Participation Over Reduced Sentences for...
(849 Views)
 
Low Turnout and Mixed Feelings for Algerians Voting in Tunisia...
Update: Libyan Kidnappers Demand Militants’ Release...
New Areas Around Chaambi Declared Military Zones...
Pollution Ravages Old Port of Tunis...
NCA Approves Judicial Body, Looks Ahead to Electoral Law...
Motocross Racers in the Forests of Bizerte...
Unemployed Tunisians Risk Their Lives to Build Future in Europe...
Members ‘Freeze’ NCA Participation Over Reduced Sentences for Ben Ali Officials...
Ben Ali Officials To Be Released in Revolution Killings Case...