Fitch Lowers Tunisia's Credit Rating

Fitch has downgraded Tunisia's credit rating to -CCC, indicating that this downgrade reflects uncertainty regarding the country's ability to raise sufficient financing to meet its substantial financial requirements. The noticeable shortfall in external financing for Tunisia beyond its baseline expectations will increase pressure on reserves. Fitch stated that in the absence of an agreement with the International Monetary Fund, Tunisia may receive external financing of $2.5 billion in 2023. However, it anticipates a slight improvement in GDP growth rate in 2024, which is expected to remain at the same level in the medium term.