Tunisia Asks IMF for Finance Program

International Monetary Fund logo is seen outside the headquarters building during the IMF/World Bank spring meeting in Washington, US. Reuters file photo
International Monetary Fund logo is seen outside the headquarters building during the IMF/World Bank spring meeting in Washington, US. Reuters file photo
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Tunisia Asks IMF for Finance Program

International Monetary Fund logo is seen outside the headquarters building during the IMF/World Bank spring meeting in Washington, US. Reuters file photo
International Monetary Fund logo is seen outside the headquarters building during the IMF/World Bank spring meeting in Washington, US. Reuters file photo

Tunisia has asked the International Monetary Fund for a new financing program, the IMF said on Sunday, as the country prepared to begin talks with the global lender.

“The Tunisian authorities have officially requested a new program,” an IMF spokeswoman said. “The IMF has been and will remain Tunisia’s reliable partner during these challenging times.”

The IMF reiterated the need for any reform moves to be the result of an agreement between Tunisia’s main stakeholders as well as the country’s international partners, according to the letter to Prime Minister Hichem Mechichi shared Sunday with Bloomberg by government adviser Moufdi Al-Mseddi.

Reforms should also “tackle decisively” the issue of public finances and debt and a restructuring of subsidies, public firms and the public wage bill, the IMF said.

Tunisian officials said Mechichi will travel to Washington on May 3 to hold talks with IMF officials.

Tunisia reported a fiscal deficit of 11.5% of economic output in 2020, the biggest gap in nearly four decades as the coronavirus pandemic took its toll.

The country last year secured nearly $750 million through an emergency assistance loan from the IMF to help counter the economic impact of the coronavirus outbreak.



Saudi King Salman Inaugurates Riyadh Metro

Saudi King Salman viewed on Wednesday an introductory video about the Riyadh Metro. SPA
Saudi King Salman viewed on Wednesday an introductory video about the Riyadh Metro. SPA
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Saudi King Salman Inaugurates Riyadh Metro

Saudi King Salman viewed on Wednesday an introductory video about the Riyadh Metro. SPA
Saudi King Salman viewed on Wednesday an introductory video about the Riyadh Metro. SPA

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud has inaugurated the Riyadh Metro, the backbone of the capital’s public transport network.

King Salman viewed on Wednesday an introductory video about the Riyadh Metro — one of the Kingdom’s major projects during his prosperous reign — distinguished by its standout design and technological features, with a network that spans 176 kilometers across 6 lines and 85 stations, including 4 iconic ones.

Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister, and Chairman of the Royal Commission for Riyadh City (RCRC), expressed his sincere gratitude to the Custodian of the Two Holy Mosques for his generous support and patronage of the Riyadh Public Transport Project – which includes the metro and bus systems – from its concept to execution, and for his invaluable steering during the implementation of the project according to the highest global standards.

“The Riyadh Public Transport Project, which spans metro and bus networks, is the culmination of concerted efforts made by Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, and the outcome of his visionary leadership, while serving as the Chairman of the High Commission for the Development of Arriyadh, the predecessor of RCRC,” said the Crown Prince.

The Riyadh Public Transport Project was launched following studies conducted back then by the High Commission for the Development of Arriyadh (now RCRC) on the capital city’s current and future public transport needs, and outlined the best solutions for a sustainable public transit system that reflects the city’s unique urban, population, and traffic characteristics.

These studies resulted in the comprehensive Public Transport Plan for Riyadh City, which included a metro system and a parallel bus network that would meet Riyadh’s current and projected mobility needs. The plan culminated with the Council of Ministers adopting a resolution to “approve the execution of the Riyadh Public Transport Project – Metro and Buses.” RCRC then launched a bidding process that saw the participation of several global consortia. Finally, a Royal Decree awarded the Riyadh Metro contracts to three consortia, comprising over 19 major global companies from 13 countries.

Thanks to the support of the Crown Prince, RCRC successfully implemented the project. Considered one of the world’s largest public transport projects conducted in a single phase, the Riyadh Public Transport stands out for its meticulous planning and exceptional design and technology, and is tailored to meet Riyadh’s social, environmental, and urban requirements. It is also poised to significantly contribute to the capital city’s urban mobility needs, enhancing the quality of life of its residents and visitors alike, in line with the objectives of Vision 2030.

Minister of State, Member of the Council of Ministers, and RCRC Chief Executive Eng. Ibrahim bin Muhammad Al-Sultan extended his gratitude to the Custodian of the Two Holy Mosques and the Crown Prince for the Riyadh Metro project inauguration.
Al-Sultan highlighted that Riyadh is now enjoying the benefits of this transformative project, which will redefine the capital's image and revolutionize transportation for both residents and visitors. The metro's extensive six-line network will gradually begin operations.
He elaborated that the project aims to deliver an efficient and sustainable public transport system that meets the current and future mobility demands of Riyadh. The initiative is in line with the rapid population growth, urban expansion, and the increasing use of private vehicles in the city.