The Arab Monetary Fund extends to the Republic of Tunisia a new loan, within the framework of the Structural Adjustment Facility, with an amount of Arab Accounting Dinar 23.968 million, the equivalent of approximately USD 98 million, to support a reform program in the financial and banking sector, in face of current circumstances
The Arab Monetary Fund (AMF) is keen to support the efforts of its member countries to implement economic, financial and structural reforms, in face of various challenges, through a number of means, including financing the needs of the balance of payments and public budgets, and financing trade through its affiliate the Arab Trade Financing Program, in addition to its role in promoting policy dialogue and consultation on economic, financial and development issues via its various forums and activities, providing technical advice to member countries in the field of economic, fiscal and financial policies, and providing training for government officials in member countries through its Institute for Training and Capacity Building.
The AMF is also keen to provide financial and technical support to its member countries during this period in particular, in light of the developments taking place due to the COVID-19, and the ensuing economic and financial repercussions in different aspects. The AMF assistance in this regard comes as a support to the reform efforts of member countries and the measures they are taking to stimulate the economy and provide liquidity in order to contain the negative effects of the virus outbreak.
In this context, the AMF extended a new loan to the Republic of Tunisia, within the framework of the Structural Adjustment Facility, with the amount of Arab Accounting Dinar 23.968 million, the equivalent of approximately USD 98 million, to support a reform program in the financial and banking sector, in face of current circumstances. The loan agreement was signed on 29, May, 2020, by HE Dr. Marouane El Abassi, Governor and Chairman of the Executive Board of the Central Bank of Tunisia, on behalf of the Republic of Tunisia, and HE Dr. Abdulrahman A. Al Hamidy, Director General Chairman of the Board of Executive Directors of the AMF, on behalf of the AMF.
The AMF had recently provided an Automatic Loan to the Republic of Tunisia, in the amount of Arab Accounting Dinar 14.381 million, the equivalent to about USD 59 million. The loan agreement was signed on May 20, 2020, and the loan amount was withdrawn on June 3, 2020, in order to support the country’s external financial position, and meet emergency needs.
The AMF is currently studying financing requests from other member countries, and is processing the requests through expeditious procedures, in order to provide support as quickly as possible, so that the borrowing member countries can meet financing needs and enhance their financial positions to face various challenges, especially in such times.
