Tunisia Syndicates Call for Biggest Strike Within Public Sector Institutions

Tunisia Syndicates Call for Biggest Strike Within Public Sector Institutions
TT

Tunisia Syndicates Call for Biggest Strike Within Public Sector Institutions

Tunisia Syndicates Call for Biggest Strike Within Public Sector Institutions

Tunisian General Labor Union continued its series of syndicate meetings held by some of the most prominent public sector institutions, in order to rally the union and popular support to carry out the largest general strike in public sector institutions on October 24.

This step raised fears of repeating the strike, which took place on January 26, 1978, resulting in dozens of casualties and the imprisonment of union leaders during the rule of former President Habib Bourguiba.

President of the Tunisian General Labor Union (UGTT) Noureddine Taboubi held a meeting on Wednesday that included major public sector companies, public transport company, the Tunisian Company of Electricity and Gas, and TunisAir.

These companies are threatened to be privatized due to major financial difficulties and the failure of several plans to restructure them over the past years, which means that thousands of workers must be abandoned and that is precisely rejected by the labor union bodies.

In a meeting held at the headquarters of the labor union with the workers of the public transport company, Taboubi stressed the commitment of union leaders to public sector institutions.

He pointed out before hundreds of trade unionists, who criticized the government, that employees pay about 75 percent of the direct tax, weakening their purchasing power.

He also called for uniting the union rules with the labor union for the success of the public strike, so that public sector institutions remain for all Tunisians.

Meanwhile, Tunisia’s UGTT announced its commitment to the public strike.

It suggested establishing a supreme planning body to deal with the government and end the economic and social crises by controlling new economic strategies, away from traditional references.

On the other hand, Executive Director of the Tunisian Appeal Party Hafez Qayed al-Sibsi and Head of the Free Patriotic Union (FNP) Salim Riahi announced during a press conference on Wednesday a new distribution of leadership positions.

This came following the announcement of the political integration of the two parties.



Saudi Arabia Begins Marketing International Bonds Following 2025 Borrowing Plan Announcement

Riyadh (Reuters)
Riyadh (Reuters)
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Saudi Arabia Begins Marketing International Bonds Following 2025 Borrowing Plan Announcement

Riyadh (Reuters)
Riyadh (Reuters)

Saudi Arabia has entered global debt markets with a planned sale of bonds in three tranches, aiming to use the proceeds to cover budget deficits and repay outstanding debt, according to IFR (International Financing Review).

The indicative pricing for the three-year bonds is set at 120 basis points above US Treasury bonds, while the six- and ten-year bonds are priced at 130 and 140 basis points above US Treasuries, respectively, as reported by Reuters.

The bonds, expected to be of benchmark size (typically at least $500 million), come a day after Saudi Arabia unveiled its 2025 borrowing plan. The Kingdom’s financing needs for the year are estimated at SAR 139 billion ($37 billion), with SAR 101 billion ($26.8 billion) allocated to cover the budget deficit and the remainder to service existing debt.

The National Debt Management Center (NDMC) announced that Finance Minister Mohammed Al-Jadaan had approved the 2025 borrowing plan following its endorsement by the NDMC Board. The plan highlights public debt developments for 2024, domestic debt market initiatives, and the 2025 financing roadmap, including the Kingdom’s issuance calendar for local sukuk denominated in Saudi Riyals.

The NDMC emphasized that Saudi Arabia aims to enhance sustainable access to debt markets and broaden its investor base. For 2025, the Kingdom will continue diversifying its domestic and international financing channels to meet funding needs efficiently. Plans include issuing sovereign debt instruments at fair prices under risk management frameworks and pursuing specialized financing opportunities to support economic growth, such as export credit agency-backed funding, infrastructure development financing, and exploring new markets and currencies.

Recently, Saudi Arabia secured a $2.5 billion Sharia-compliant revolving credit facility for three years from three regional and international financial institutions to address budgetary needs.

In 2024, Saudi Arabia issued $17 billion in dollar-denominated bonds, including $12 billion in January and $5 billion in sukuk in May. Rating agencies have recognized the Kingdom’s financial stability. In November, Moody’s upgraded Saudi Arabia’s rating to “AA3,” while Fitch assigned an “A+” rating, both with stable outlooks. S&P Global rated the Kingdom at “A/A-1” with a positive outlook, reflecting its low credit risk and strong capacity to meet financial obligations.

The International Monetary Fund (IMF) estimated Saudi Arabia’s public debt-to-GDP ratio at 26.2% for 2024, describing it as low and sustainable. The IMF projects this ratio to reach 35% by 2029, with foreign borrowing playing a significant role in financing fiscal deficits.