CORRECTED-UPDATE 1-Tunisia to sell bonds worth $1 bln the second half of March

By Kitco News / January 23, 2018 / www.kitco.com / Article Link

(To fix figure in third para)

TUNIS, Jan 23 (Reuters) - Tunisia's parliament on Tuesday approved a plan by the central bank to sell bonds worth $1 billion to help finance the 2018 budget, the state news agency said.

The finance ministry directed the central bank after the approval by parliament's financial committee to issue the bonds in the second half of March, the agency said.

The North African country previously said it needed $3 billion in loans next year to finance its budget of 36 billion dinar ($14.7 billion)in 2018.

It forecasts the budget deficit to fall to 4.9 percent of gross domestic product in 2018, from about 6 percent expected in 2017. Tunisia aims to raise GDP growth to about 3 percent next year from 2.3 percent this year.

Tunisia is under pressure from the International Monetary Fund to speed up policy changes and help its economy recover from militant attacks in 2015 that hurt its vital tourism industry.

The country has been praised as the only democratic success among the nations where "Arab Spring" revolts took place in 2011. But successive governments have failed to make the changes needed to trim deficits and create growth.

Protest against tax and price increases had erupted this month. They have abated but social tensions simmer as Tunisia is locked in an economic crisis.

Tunisia had decided after the outbreak of protests to increase support for poor families and needy people by some $70 million.

($1 = 2.4 Tunisian dinars)


(Reporting by Tarek Amara; Writing by Ulf Laessing; Editing by Matthew Mpoke Bigg)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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