Tunisia needs $2.53 bln in external financing next year, says official

Tunisia hopes to secure approval from the IMF for a new loan tranche worth around $250 million. (AFP)

Tunisia needs around 7 billion dinars ($2.53 billion) in external financing in 2019 and plans to issue $1 billion in bonds in early October to help cover 2018’s deficit, a senior official said on Thursday.

Tunisia needs total financing next year worth 10 billion dinars, while the external borrowing requirement is almost the same level as this year, he told Reuters, asking not to be named.

The government had planned to issue bonds in the first quarter but postponed the move several times.

An official source told Reuters the sale will be early next month, after the North African country hopes to have secured approval from the International Monetary Fund for a new loan tranche worth around $250 million.

“We will issue $1 billion in bonds early in October after the IMF will have disbursed a new loan tranche (from a total scheme $2.8 billion)," he said.

Tunisia expects economic growth to accelerate to 3.5 percent next year from an expected 2.9 percent in 2018, driven by a recovery of the tourism industry and an expanding agricultural sector, officials told Reuters last month.

The government aims to reduce its budget deficit to 3.9 percent next year from the 4.9 percent it is forecasting for 2018.

Last Update: Wednesday, 20 May 2020 KSA 09:53 - GMT 06:53