Minister of Housing Says Tunisia Planning to Salvage Jobs

Tunisia’s Minister of Equipment, Housing and Spatial Planning Moncef Sliti. Asharq Al-Awsat
Tunisia’s Minister of Equipment, Housing and Spatial Planning Moncef Sliti. Asharq Al-Awsat
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Minister of Housing Says Tunisia Planning to Salvage Jobs

Tunisia’s Minister of Equipment, Housing and Spatial Planning Moncef Sliti. Asharq Al-Awsat
Tunisia’s Minister of Equipment, Housing and Spatial Planning Moncef Sliti. Asharq Al-Awsat

Tunisia’s Minister of Equipment, Housing and Spatial Planning Moncef Sliti has revealed that more than 4,000 construction and rehabilitation projects have been paralyzed by the coronavirus pandemic.

In remarks to Asharq Al-Awsat, Sliti said that the projects in the capital Tunis and governorates across the country are worth 6 billion Tunisian dinars ($2.3 billion).

Around 250 agriculture and infrastructure projects worth $2 billion have also stopped.

Yet thousands of workers have returned to their jobs after the government adopted certain measures at the end of the lockdown to protect their health.

“One of the government’s greatest challenges is to save thousands of workers from unemployment,” he told the newspaper.

He lamented that hundreds of thousands of citizens working in the tourism, traditional industry and services sectors could lose their jobs.

Despite the postponement of certain housing projects, Sliti said that his ministry is following up the construction of around 30,000 homes for poor families at lower costs.

He lauded Saudi Arabia for granting the Tunisian government an $85 million loan to fund the second stage of the social housing program.

Tunisia has signed with The Saudi Fund for Development eight agreements worth $200 million.

Asked about a huge tourism project occupying an area of 1,000 hectares in the capital’s seafront, Sliti said that he has recently held meetings with cabinet members to take decisive measures on it, along with other projects that have been suspended for the past 10 years.

Rigorous COVID-19 containment measures since March appear to have halted the spread of the virus in Tunisia in recent days.

But the crisis has exposed deep problems, including poverty, a weak economy and underfunded public infrastructure.



IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
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IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage

The International Monetary Fund (IMF) approved the third review of Sri Lanka's $2.9 billion bailout on Saturday but warned that the economy remains vulnerable.
In a statement, the global lender said it would release about $333 million, bringing total funding to around $1.3 billion, to the crisis-hit South Asian nation. It said signs of an economic recovery were emerging, Reuters reported.
In a note of caution, it said "the critical next steps are to complete the commercial debt restructuring, finalize bilateral agreements with official creditors along the lines of the accord with the Official Creditor Committee and implement the terms of the other agreements. This will help restore Sri Lanka's debt sustainability."
Cash-strapped Sri Lanka plunged into its worst financial crisis in more than seven decades in 2022 with a severe dollar shortage sending inflation soaring to 70%, its currency to record lows and its economy contracting by 7.3% during the worst of the fallout and by 2.3% last year.
"Maintaining macroeconomic stability and restoring debt sustainability are key to securing Sri Lanka's prosperity and require persevering with responsible fiscal policy," the IMF said.
The IMF bailout secured in March last year helped stabilize economic conditions. The rupee has risen 11.3% in recent months and inflation disappeared, with prices falling 0.8% last month.
The island nation's economy is expected to grow 4.4% this year, the first increase in three years, according to the World Bank.
However, Sri Lanka still needs to complete a $12.5 billion debt restructuring with bondholders, which President Anura Kumara Dissanayake aims to finalize in December.
Sri Lanka will enter into individual agreements with bilateral creditors including Japan, China and India needed to complete a $10 billion debt restructuring, Dissanayake said.
He won the presidency in September, and his leftist coalition won a record 159 seats in the 225-member parliament in a general election last week.