Tunisia’s finances got a boost on Friday after the International Monetary Fund (IMF) approved a $ 2.9 billion loan to aid the country implement economic and financial reforms.
The four year credit facility aims to promote stronger and inclusive economic growth and reforming public institutions in the north African country.
“Tunisia’s economy has shown resilience but continues to face important fiscal, external, structural, and social challenges. Macroeconomic stability has been preserved and important reforms have been initiated, with the support of recently expired Fund-supported program,” the fund said in a statement
Tunisia's economy has shown resilience but continues to face important fiscal, external, structural, and social challenges.
The money is expected to be released to the Tunisian government in nine stages.
In addition to the economic crisis that hit the country since the Arab Spring uprising in 2011, Tunisia is struggling to fend off attacks by Islamist extremists.
Its economic growth slowed to 0.8 percent last year from 2.3 percent in 2014, and unemployment nationwide stood at 15 percent at the end of last year.
International Monetary Fund approves $2.9bn loan to Tunisia to help it implements economic and financial reformshttps://t.co/cc6jnZytK4— The Guardian Nigeria (@GuardianNigeria) May 20, 2016
However, there is optimism as the county’s key tourism sector is begining to rebound.
Tunisia expects to attract over 5 million foreign tourists this year.