Tunisia says Japan to finance development plans worth $730 mln
Tunis - Japan will finance projects in Tunisia worth 1.2 billion dinars, Tunisia's presidency said on Monday, to ease hardship and support democratic transition in the birthplace of the Arab Spring more than two years ago.
Source : https://www.marocafrik.com/english/Tunisia-says-Ja...
The presidency said in a statement that the Japanese Agency for Technical Cooperation has pledged to fund flood protection in the city of Beja, construction of a power station in the port of Rades and a seawater desalination scheme in the city of Sfax.
The statement gave no details of the financing package, but a government official said the money would be a loan.
President Moncef Marzouki is visiting Japan to attract funds for a country struggling with rising inflation, a budget deficit seen at six percent of gross domestic product in 2013 and an uncertain political outlook.
Tunisia was the first country to stage an Arab Spring uprising, inspiring similar revolutions in Egypt and Libya.
The assassination of secular politician Chokri Belaid in February ignited the biggest street protests since the overthrow of strongman Zine al-Abidine Ben Ali two years ago. But a new government has now been formed and protests have died down.
Moody's Investors Service last week cut Tunisia's sovereign credit rating to Ba2, citing political uncertainty and the risk of instability as well as weak finances at government-owned banks and external pressures on its balance of payments.
Tunisia's foreign-exchange reserves offered only 95 days cover for import costs by the end of May.
Finance Minister Elyess Fakhfakh said last week Tunisia's borrowing needs will be $3.3 billion in 2013 and the same in 2014.
Tunisia is in talks with Qatar over a deposit in Tunis's central bank "with easy conditions", Prime Minister Ali Larayedh said last week, and official sources have said this could be around $1 billion. The International Monetary Fund said in May it had reached a $1.75 billion loan deal with Tunisia.
The statement gave no details of the financing package, but a government official said the money would be a loan.
President Moncef Marzouki is visiting Japan to attract funds for a country struggling with rising inflation, a budget deficit seen at six percent of gross domestic product in 2013 and an uncertain political outlook.
Tunisia was the first country to stage an Arab Spring uprising, inspiring similar revolutions in Egypt and Libya.
The assassination of secular politician Chokri Belaid in February ignited the biggest street protests since the overthrow of strongman Zine al-Abidine Ben Ali two years ago. But a new government has now been formed and protests have died down.
Moody's Investors Service last week cut Tunisia's sovereign credit rating to Ba2, citing political uncertainty and the risk of instability as well as weak finances at government-owned banks and external pressures on its balance of payments.
Tunisia's foreign-exchange reserves offered only 95 days cover for import costs by the end of May.
Finance Minister Elyess Fakhfakh said last week Tunisia's borrowing needs will be $3.3 billion in 2013 and the same in 2014.
Tunisia is in talks with Qatar over a deposit in Tunis's central bank "with easy conditions", Prime Minister Ali Larayedh said last week, and official sources have said this could be around $1 billion. The International Monetary Fund said in May it had reached a $1.75 billion loan deal with Tunisia.
Source : https://www.marocafrik.com/english/Tunisia-says-Ja...