Tunisia

Fitch upgrades Tunisia’s rating to ‘CCC+’

Business /

Fitch Ratings said Monday that it upgraded Tunisia’s long-term foreign currency issuer default rating to “CCC+” from “CCC-.” The rating agency said the upgrade reflects the country’s stronger external position and the government’s ability to meet its large fiscal financing needs. Those factors, however, are balanced against limited access to external financing, uncertainty over the ability and willingness of the banking sector to take on large volumes of domestic debt, and a budget that remains vulnerable to external shocks. Fitch said the Tunisian government requires 10% of GDP in long-term domestic financing this year and 10%-12% in 2025 and 2026. “We believe the domestic banking sector could help meet the sovereign’s financing needs, as deposit growth and weak credit demand support sector liquidity,” the rating agency said in a statement. “Nevertheless, this will increase banks’ exposure to the public sector, which already represents about 20% of the banking sector’s total assets, necessitating refinancing to local banks by the central bank,” it added.

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Tunisia, US discuss Libya’s political future

Africa /

Tunisian Foreign Minister Nabil Ammar expressed support Monday for all efforts to ensure security in Libya. Ammar received US Ambassador to Tunisia Joey Hood and US special envoy for Libya Ambassador Richard Norland to discuss strengthening ties between Tunisia and the US and also Libya’s political future. Regarding the political process in Libya, Ammar said the political solution for the country must be Libyan-Libyan in a framework of consensus and a Libyan leadership under the auspices of the UN, according to the Tunisian Foreign Ministry. He also reiterated Tunisia’s support for all efforts aimed at reaching a “comprehensive and lasting” settlement that would guarantee Libya’s security, stability, unity and sovereignty, the ministry said. Norland paid tribute to Tunisia’s “positive and constructive “role in bridging the gap between the Libyan interlocutors. He reiterated the US’s refusal to impose solutions by force from any party and expressed his country’s willingness to coordinate with Tunisia to move towards a political settlement based on dialogue and negotiation. Libya has been plagued by sporadic security issues amid ongoing political division since 2022. The country is currently governed by two rival administrations: the UN-recognized Government of National Unity (GNU) led by Abdul Hamid Dbeibeh based in Tripoli, which controls the western part of the country, and the government of Osama Hammad, appointed by the House of Representatives, which operates out of Benghazi and governs the eastern region and parts of the south. Efforts led by the UN to hold parliamentary and presidential elections have repeatedly stalled, prolonging the country’s political deadlock and exacerbating the security situation in the oil-rich nation.

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Tunisia’s president fires prime minister, appoints successor

Africa /

Tunisian President Kais Saied dismissed Prime Minister Ahmed Hachani on Wednesday, just a year into his tenure. Saied appointed Kamel Maddouri, the Minister of Social Affairs, as the new Prime Minister, according to a presidential statement. Hours before his dismissal, Hachani claimed in a video message that the government had made progress despite challenges with high food and energy prices. The dismissal comes amid widespread discontent over water and electricity outages across the country. The government blames these issues on a severe drought, leading to water rationing. The agriculture ministry reports that dam levels are critically low at 25 percent, while Saied views the water shortages as a conspiracy against him, asserting that the dams are actually full. Saied has announced his intention to run for president in October, facing strong opposition and criticism from human rights organizations and rivals who accuse him of suppressing and intimidating opponents to secure a second term.

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