Fitch Ratings Upgrades Tunisia's Credit Rating to CCC+

People walk out of the Central Bank in Tunis, Tunisia, October 4, 2017. REUTERS/Zoubeir Souissi/File Photo
People walk out of the Central Bank in Tunis, Tunisia, October 4, 2017. REUTERS/Zoubeir Souissi/File Photo
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Fitch Ratings Upgrades Tunisia's Credit Rating to CCC+

People walk out of the Central Bank in Tunis, Tunisia, October 4, 2017. REUTERS/Zoubeir Souissi/File Photo
People walk out of the Central Bank in Tunis, Tunisia, October 4, 2017. REUTERS/Zoubeir Souissi/File Photo

Fitch Ratings has upgraded Tunisia’s credit rating to CCC+, reflecting growing confidence in the government’s ability to meet its significant financing needs.

Fitch noted Monday that continued external support and a decrease in foreign debt repayments would enable Tunisia to balance its net external financing by 2026.

“We believe that the local banking sector can play a key role in meeting Tunisia’s financing needs, with state-owned banks likely to take on a larger share of the burden due to the cautious approach adopted by some private banks,” the agency added.



Türkiye Receives Waiver for Gas Payments to Russia from Gazprombank Sanctions

A view shows a board with the logo of Gazprombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo
A view shows a board with the logo of Gazprombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo
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Türkiye Receives Waiver for Gas Payments to Russia from Gazprombank Sanctions

A view shows a board with the logo of Gazprombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo
A view shows a board with the logo of Gazprombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo

Türkiye has received an exemption for gas payments to Russia after the United States imposed sanctions on Gazprombank, Turkish Energy Minister Alparslan Bayraktar revealed in response to a question from Reuters.

The US imposed new sanctions on Russia's Gazprombank in November, creating an obstacle for buyers of Russian gas, which had been using the bank to make payments. They have since been seeking clarification and exploring other ways to pay.

Türkiye imports almost all its gas requirement and Russia is the top supplier, providing more than 50% of the country's pipeline imports.

Ankara's pipeline gas imports from Russia stood at 21.1 bcm last year.

Türkiye had requested an exemption in discussions with US officials so that it can continue paying for Russian natural gas imports via Gazprombank.

The US on Thursday also granted a waiver to Hungary, which mainly relies on Russian oil and gas.