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
TT

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.



Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
TT

Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters

The credit rating agency “Moody’s Ratings” upgraded Saudi Arabia’s credit rating to “Aa3” in local and foreign currency, with a “stable” outlook.
The agency indicated in its report that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification and the robust growth of its non-oil sector. Over time, the advancements are expected to reduce Saudi Arabia’s exposure to oil market developments and long-term carbon transition on its economy and public finances.
The agency commended the Kingdom's financial planning within the fiscal space, emphasizing its commitment to prioritizing expenditure and enhancing the spending efficiency. Additionally, the government’s ongoing efforts to utilize available fiscal resources to diversify the economic base through transformative spending were highlighted as instrumental in supporting the sustainable development of the Kingdom's non-oil economy and maintaining a strong fiscal position.
In its report, the agency noted that the planning and commitment underpin its projection of a relatively stable fiscal deficit, which could range between 2%-3% of gross domestic product (GDP).
Moody's expected that the non-oil private-sector GDP of Saudi Arabia will expand by 4-5% in the coming years, positioning it among the highest in the Gulf Cooperation Council (GCC) region, an indication of continued progress in the diversification efforts reducing the Kingdom’s exposure to oil market developments.
In recent years, the Kingdom achieved multiple credit rating upgrades from global rating agencies. These advancements reflect the Kingdom's ongoing efforts toward economic transformation, supported by structural reforms and the adoption of fiscal policies that promote financial sustainability, enhance financial planning efficiency, and reinforce the Kingdom's strong and resilient fiscal position.