Tunisia to go to market with 1 billion euro bond issue next week

People walk through the Medina market in Tunis, Tunisia, Monday, Oct. 26, 2015. (AP)

Tunisia will got to the international markets with a 1 billion euro bond issue next week to raise funds to help cover a budget deficit, a government official said on Friday.

The North African state’s economy is struggling with a drop in tourism revenues after four major militant attacks over the past year, and an outbreak of social unrest over jobs and development at the start of this year.

“Tunisia will start a roadshow in European capitals next Wednesday for the one billion euro bond issue,” said the government official who asked not to be named because he was not authorized to speak to the media.

Tunisia last went to the international market a year ago, with a $1 billion bond.

The International Monetary Fund team has been in talks with Tunisia over a new credit program, tied to measures to strengthen its economy and finances and worth at least $1.7 billion over four years.

Tunisia’s parliament this week passed one of those reforms, a law to strengthen the independence of the central bank to protect it from political meddling.

Tunisia’s economic progress has fallen behind since the 2011 uprising against autocrat Zine El-Abidine Ben Ali that bought the country to full democracy and triggered “Arab Spring” revolutions across North Africa and the Middle East.

 

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Last Update: Wednesday, 20 May 2020 KSA 09:48 - GMT 06:48
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