Italy on Thursday pledged Tunisia a host of investments and help negotiating an International Monetary Fund bailout as the European nation seeks to stem the number of migrants arriving from North Africa, the Associated Press reported. Foreign Minister Antonio Tajani outlined Italy’s efforts and pledges during a meeting with his Tunisian counterpart, Nabil Ammar, who insisted that Tunisia has seen growing numbers of African migrants arriving from the Libyan border and needs economic help.
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Tunisia
Tunisia's government on Wednesday began discussions on a new foreign exchange bill it says will help to make international business dealings easier, following calls from Tunisian firms for reform, Reuters reported. "Tunisia looks to modernise the exchange system and to gradual liberalisation of financial relations toward a full liberalisation with the outside world," the government said on Wednesday in a statement following talks on the bill. Investors have to get central bank approval to access hard currency to fund operations abroad, or obtain credit letters to import goods.
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Tunisia expects to reach a deal with the International Monetary Fund in coming weeks on a loan of between $2 billion and $4 billion over three years, the central bank governor said on Sunday, Reuters reported. Tunisia, which is suffering its worst financial crisis, is seeking to secure an IMF loan to save public finances from collapse. "The size is still under negotiation and I think it will be between $2 billion and $4 billion, we hope to reach a staff level deal in coming weeks," Marouan Abassi told Reuters.
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A delegation from the International Monetary Fund will visit Tunisia on Monday to start negotiations over a loan programme, a central bank official told Reuters on Friday, Reuters reported. This follows the completion of technical talks between the IMF and Tunisia, said Zied Mouhli, a central bank spokesperson. Tunisia, which is facing a financial crisis, is seeking to reach a loan deal in return for an unpopular reform package to shore up its struggling public finances.
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Tunisia's government said on Tuesday it suspended the export of vegetables in an effort to control inflamed prices in the local market as a severe economic crisis hits the North African country, Reuters reported. Commerce ministry spokesperson Mohamed Ali Ferchichi said the ministry decided to stop the export of tomatoes, peppers, onions and potatoes in an effort to reduce prices. Tunisia mainly exports these vegetables to its neighbor Libya.
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Tunisia's president said on Monday there would be a national dialogue about the country's political system as he moves to rewrite the constitution after establishing one-man rule, but he gave no details on how it would take place, Reuters reported. President Kais Saied has already held an online consultation to canvas public opinion about the new constitution, and has promised to name a panel of lawyers to draft it and put it to a referendum in July.
A small team of International Monetary Fund staff will visit Tunisia later this month for further discussions about a possible IMF-supported financing program, the global lender said on Thursday, citing good progress in discussions to date, Reuters reported. IMF spokesperson Gerry Rice said the visit comes after several months of consultations with Tunisian authorities on their request for a fund-supported program. "A small staff team from the IMF plans to visit Tunisia for further discussions with the authorities later this month ...
While debt has been a problem for millennia, contemporary international institutions have focused on alternative dispute resolutions for commercial disputes for only decades, according to an analysis in mediate.com. according to an analysis in mediate.com. In the late ’90s many developing countries experienced financial distress. In 1999, the World Bank began to analyze the problem and in 2001developed the “Insolvency and Creditor Rights Standards” (ICR Standards). The focus was on judicial proceedings. The possibility of resorting to mediation was regarded as entirely residual.
The International Monetary Fund will hold a virtual visit with Tunisian officials on Feb. 14 to discuss the government's economic reform program, a central bank official told Reuters on Wednesday. The North African country, which is suffering from a financial crisis, is seeking to obtain a rescue package from the fund in exchange for unpopular reforms, including spending cuts. The government says the country requires the rescue package to avert a collapse in public finances. Some public sector salaries for December were paid late in January.
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Tunisia hopes to reach a crucial deal with the International Monetary Fund in April, the finance minister said Wednesday, rejecting speculation that the nation faces imminent bankruptcy, Bloomberg News reported. “The situation is difficult,” Sihem Boughdiri Nemsia said in an interview with broadcaster Shems FM. “Authorities are trying to stabilize the economy,” she said. Concerns over insolvency are however “alarmist,” and authorities can afford to pay public-sector wages for the coming months.
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