IMF official urges 'deep reforms' to Tunisian economy

2022-01-16 11:15:00 AM
IMF official urges 'deep reforms' to Tunisian economy

IMF official urges 'deep reforms' to Tunisian economy

IMF official urges 'deep reforms' to Tunisian economy

Tunisia's crisis-stricken economy needs 'deep reforms' such as slashing its vast public wage bill, the International Monetary Fund's outgoing country chief has said as the government seeks a new bailout.

TUNIS - Tunisia's crisis-stricken economy needs"deep reforms" such as slashing its vast public wage bill, the International Monetary Fund's outgoing country chief has said as the government seeks a new bailout.Tunisia's debts have soared to nearly 100 percent of Gross Domestic Product.

He said young graduates face particular challenges in finding work, despite the country being able to offer"a qualified workforce and a favourable geographic location".Tunisian authorities say they are optimistic about reaching a deal by the end of this quarter.

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Sunday 16 January 2022 - 5:40am Since dictator Zine El Abidine Ben Ali was toppled by mass protests in 2011, Tunisia's troubled democratic transition has failed to revive the economy AFP | FETHI BELAID TUNIS - Tunisia's crisis-stricken economy needs"deep reforms" such as slashing its vast public wage bill, the International Monetary Fund's outgoing country chief has said as the government seeks a new bailout.Competitions AFRICA ","category_class":"child-of-news","time_ago":"53 mins ago","premium":false,"gallery":false,"excerpt":"Paris\u0027s relations with Mali, a former colonial possession, have deteriorated sharpy since a 2020 military takeover.The No.14 January 2022 - 10:29 Lindiwe Tsobo The JSE was weaker on Friday morning, along with its global peers as comments by the US Federal Reserve officials led to a sell-off in technology stocks.

Jerome Vacher, speaking in an interview at the end of his three-year term as the global lender's envoy to the North African country, said the coronavirus pandemic had helped create Tunisia's"worst recession since independence" in 1956. "The country had pre-existing problems, in particular budget deficits and public debt, which have worsened," he said.citizen. Tunisia's debts have soared to nearly 100 percent of Gross Domestic Product. Karatsev created history at last year's Australian Open after becoming the first Grand Slam debutant to reach a semi-final since the Open era began in 1968. Its GDP plunged by almost nine percent in 2020, the worst rate in North Africa, only modestly offset by a three percent bounceback last year.za\/news\/news-world\/news-africa\/2962166\/ethiopia-lashes-out-at-who-chief-for-tigray-war-remarks\/","image_src":"https:\/\/media. That is"quite weak and far from enough" to create jobs to counteract an unemployment rate of 18 percent, Vacher said. B Premium This article is reserved for our subscribers.

He said young graduates face particular challenges in finding work, despite the country being able to offer"a qualified workforce and a favourable geographic location".co. Murray, who has been given a wildcard into next week's Australian Open, had been encouraged by his play heading into a Grand Slam where he has finished as runner-up five times. Since dictator Zine El Abidine Ben Ali was toppled by mass protests in 2011, Tunisia's troubled democratic transition has failed to revive the economy. President Kais Saied sacked the government and suspended parliament on July 25 last year, and the government has since asked the IMF for a bailout package -- the fourth since the revolution.jpg","image_src_hero":"https:\/\/media. Tunisian authorities say they are optimistic about reaching a deal by the end of this quarter. Andy Murray of Britain holds the runner's up trophy after losing to Aslan Karatsev of Russia in the men's singles final match at the Sydney Classic tennis tournament AFP | DAVID GRAY Karatsev continued to stand and deliver, piercing the lines to run Murray ragged. Vacher said discussions are still at an early stage and that the IMF first wants"to understand what they're planning in terms of economic reforms".co.

"It's an economy that needs very deep, structural reforms, especially to improve the business environment," the French economist said. - Hefty public wage bill - But Vacher added that the government"understands the main challenges and problems, which is already a good basis", urging Tunisia to come up with a"solid and credible" reform plan.jpg","image_src_narrow":"https:\/\/media. Karatsev, who had knocked out Murray's British compatriot Dan Evans in a three-set semi-final thriller on Friday, plays world number 72 Jaume Munar of Spain in the first round of the Australian Open. To do that, it must tackle its huge spending on public sector salaries. "The public wage bill is one of the highest in the world," Vacher said.co. In a country of 12 million people, more than half of public spending goes to paying the salaries of around 650,000 public servants -- a figure that does not include local authority wages.

IMF envoy Jerome Vacher said the pandemic helped create Tunisia's "worst recession since independence" in 1956 AFP | FETHI BELAID Nor does the figure include Tunisia's hefty public companies, which often hold monopolistic positions across sectors from telecoms to air transport and employ at least 150,000 people at the public expense.jpg","image_src_square":"https:\/\/media. All this drains resources that the state could be investing in education, health and infrastructure, Vacher said. "There needs to be a big efficiency drive in the public sector (to meet) public expectations in terms of services," he said.co. The IMF has long called for a restructuring of Tunisia's system of subsidies on basic goods such as petrol and staple foods, which essentially see more state funds doled out to the biggest consumers -- a system Vacher said was unfair. The lender recommends scrapping subsidies and instead creating a system of targeted cash payments to needy groups.jpg","category":".

The IMF's recommendations are important as not only could it lend billions more to Tunisia, but other bodies including the European Union have said they will condition future aid on the global lender's green light. For Vacher, the biggest responsibility lies in the hands of Tunisia's decision-makers. "It's up to them to act to find solutions, put forward reforms, a vision and an ambition," he said. While many observers have predicted doom for Tunisia's public finances, Vacher said the situation is"not optimal, but manageable". But"there is an urgent need to make the public finances more sustainable.

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