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LONDON - Tunisia reached a preliminary deal with the International Monetary Fund a year ago on a $1.9 billion loan programme, but 12 months later it has yet to receive any money and seems unwilling to implement the reforms needed to do so.
The one-year lag is a record delay between a preliminary deal and the final signoff, according to public data on over 80 cases compiled by Reuters. This compares to the median 55 days it took low- and middle-income countries between the two steps, and exceeds even the long waits of countries like Chad, Zambia and Sri Lanka.
"Until there is real evidence that Tunisia will tackle these reforms, any deal will not be forthcoming." Despite the challenges, the battered economy could continue without an IMF programme in the short-term as"rising reserves and marginal fiscal consolidation have granted Tunisia some additional runway" thanks to a pickup in tourism, said Tellimer analyst Patrick Curran.
"Tunisia can cover the next maturity out of reserves after a good tourist season," said Charlie Robertson, head of macro strategy at London-based FIM Partners.
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