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International Monetary Fund

This Selected Issues paper for Algeria analyzes the potential economic impact of Algeria’s Association Agreement with the European Union (AAEU). The paper lays out the major elements of Algeria’s AAEU and makes a comparison with other AAEUs. It discusses the potential economic implications (costs and benefits) of the agreement, and elaborates economic policy issues and challenges. The paper also takes stock of Algeria’s business climate as the authorities consider the use of the fiscal space created by higher hydrocarbon revenues to tackle Algeria’s jobs challenge.

International Monetary Fund. Middle East and Central Asia Dept.

The Executive Board of the International Monetary Fund (IMF) approved on May 11, 2015—the decision was taken without an Executive Board meeting1—a 7 month-extension of Tunisia’s Stand-By Arrangement (SBA) to December 31, 2015. The extension will provide time to the Tunisian authorities to implement the policy measures needed to deliver on forward looking commitments—notably on the banking and fiscal reforms—which will help reduce vulnerabilities and spur higher and more inclusive growth. A mission will visit Tunis in late May 2015 to conduct the Article IV discussions and the 6th Review under the SBA. The two-year SBA in the amount of SDR 1.146 billion (about US$1.75 billion, or 400 percent of Tunisia’s quota at the IMF) was approved by the Executive Board on June 7, 2013 (See Press Release No. 13/202). Following the conclusion of the Fifth Review in December 2014, disbursements under the arrangement reached SDR 787.875 million (about $1.15 billion).

International Monetary Fund

This 2002 Article IV Consultation highlights that the real GDP of Tunisia grew by 5 percent in 2001 compared with 4.7 percent in 2000, despite a contraction in agricultural output of 1.5 percent caused by a third consecutive year of drought. Activity was particularly robust in the mechanical–electrical industry, which grew by 14 percent, and the textile industry, which expanded by 12 percent. The authorities now face the challenge of reining in strong demand, which has put pressures on the external position and lowered foreign exchange reserves.

International Monetary Fund

Tunisia showed strong economic performance, low inflation, and reduced poverty owing to its sound and transparent macroeconomic policies, trade liberalization, and social policies. Executive Directors commended this development, and stressed the need to tighten monetary and fiscal policies, and accelerate structural reforms. They welcomed the banking sector reforms based on the Financial System Stability Assessment report, and the liberalization achieved by Tunisia in the context of its Association Agreement with the European Union. They also urged the authorities to introduce legislation on anti-money laundering and combating the financing of terrorism.

International Monetary Fund

This 2004 Article IV Consultation states that the strength of the Tunisian economy continued in 2003, and the short-term outlook is favorable. Favorable agricultural production and robust nonenergy exports contributed to high growth and a narrowing of the external current account deficit in 2003. Monetary policy remains prudent and inflation under control. Greater exchange rate flexibility and the appreciation of the euro vis-à-vis the United State dollar have led to a depreciation of the dinar in real effective terms.

International Monetary Fund

This 1999 Article IV Consultation highlights that despite a contraction of agricultural production, Tunisia’s GDP grew by 5 percent in 1998. Gross fixed capital formation (27.5 percent of GDP), notably in Tunisia’s traditional and new export sectors, was the most dynamic component of aggregate demand. The external current account deficit widened only slightly to 3.4 percent of GDP owing to a commensurate increase in the saving rate. Growth of exports of goods and services slowed primarily owing to a decline in sales of crude oil and food products.

International Monetary Fund

Tunisia showed strong economic performance and social achievements owing to its prudent macroeconomic policies. Executive Directors commended this development, and underscored the importance of complementing the trade liberalization with the European Union with comprehensive trade and price liberalization measures, and sustained structural reforms. They appreciated the achievement of price stability, and noted the dual role played by incomes and monetary policies. They welcomed the substantial improvements in the quality and dissemination of statistical information, and the country's subscription to the Special Data Dissemination Standard.

International Monetary Fund. Middle East and Central Asia Dept.

Tunisia’s macroeconomic situation has recovered from the post-revolution trough, but fiscal and external buffers have been eroded. Prudent management of monetary policy is crucial for short-term macroeconomic stabilization goals and to build external buffers. The challenges arise from social and economic disparities and high youth unemployment. The economic reform agenda appropriately aims at addressing these challenges through short-term stabilization goals while laying the foundations for supporting growth. Executive Directors commend the government’s commitment to maintaining an appropriate fiscal stance while making space for critical spending priorities and repayments of arrears.