$2 Billion from the IMF for Tunisia

Tunisian authorities and the International Monetary Fund (IMF) have reached an agreement for a loan of approximately $1.9 billion over four years. The IMF announced in a statement, "The Tunisian authorities and a team from the IMF have agreed at the expert level on policies and economic reforms that will be supported through the new Extended Fund Facility for a duration of 48 months, with a request to access 1.472 billion Special Drawing Rights, equivalent to about $1.9 billion." It noted that "the final agreement on the loan is subject to approval by the IMF's Executive Board, which is scheduled to discuss Tunisia's program request in December." The statement pointed out that "the deteriorating global environment and high international commodity prices weigh heavily on the economy, increasing existing structural vulnerabilities amid challenging social and economic conditions."