The International Monetary Fund on Friday approved payment of a $257 million tranche of Tunisia’s loan programme, the country’s central bank said.
The IMF board approved the second review of the country’s economic performance under the financial aid package that was initially approved in May 2016.
With the latest instalment the IMF has lent the country nearly $1 billion, even though the board acknowledged the government had failed to meet some of its economic benchmarks.
The IMF said Tunisia’s “growth-friendly and socially-conscious reforms will help stabilize public debt,” while “continued monetary tightening and greater exchange rate flexibility help contain inflation, improve competitiveness, and rebuild international reserves.”
The fund also approved the country’s request to move up the reviews and payments to a quarterly schedule rather than twice a year.
The Fund reached a deal in 2016 to assist Tunisia with a four-year loan programme of about $2.8 billion, tied to economic reforms aimed at keeping its deficit under control.