EXECUTIVE SUMMARY Context. On June 7, 2013, the Executive Board approved a 24-month SBA in an amount equivalent to 400 percent of quota (SDR 1.15 billion or about $1.75 billion). To date, SDR 427.92 equivalent to $659 million has been disbursed. The pillars of the program are to: (i) achieve...

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...

This paper discusses Tunisia’s First and Second Reviews Under the Stand-by Arrangement and Request for Waivers of Applicability and Nonobservance of Performance Criteria. Program performance has been mixed. A weak budget composition, lower budget commitments, and deferred cash payments to...

EXECUTIVE SUMMARY Context. On June 7, 2013, the Executive Board approved a 24-month Stand-By Arrangement in an amount equivalent to 400 percent of quota (SDR 1.146 billion or about $1.75 billion). To date, SDR 573 million equivalent to $877 million has been disbursed. The pillars of the program...