‘Friendly Countries’ Helping Tunisia Grapple with Economic Crisis

Tunisian President Kais Saied. (AP)
Tunisian President Kais Saied. (AP)
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‘Friendly Countries’ Helping Tunisia Grapple with Economic Crisis

Tunisian President Kais Saied. (AP)
Tunisian President Kais Saied. (AP)

President Kais Saied has hailed the assistance of several “friendly countries” to Tunisia as it grapples with its economic crisis.

He said contacts were underway with them to cut the country’s financial deficit and help it meet its local and foreign economic commitments.

Central Bank Governor Marwan Abbasi said the support of fraternal and brotherly countries will help Tunisia address its financial imbalances and meet internal and external commitments.

Saied had kicked off calls with Arab countries and Tunisia’s partners in the international community to give assurances about the democratic transition and to seek economic support.

“I will announce at the right time the sincere position of some countries at this historic moment,” he declared.

The International Monetary Fund (IMF) revealed that the coronavirus pandemic had a huge negative impact on Tunisia and led to an unprecedented economic collapse.

Last year, its GDP shrank by 8.2 percent, in the greatest economic collapse in Tunisia since its independence.

In the first quarter of 2021, its GDP dropped 3 percent from a year ago, the State Statistics Institute said on Saturday, showing the impact of the pandemic on the country.



Gold Drops Nearly 2% on Profit-booking, Trump's Treasury Secretary Pick

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
TT

Gold Drops Nearly 2% on Profit-booking, Trump's Treasury Secretary Pick

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold dropped nearly 2% on Monday, weighed down by profit-taking after a five-session rally, with further pressure from the announcement of fund manager Scott Bessent as the next US Treasury secretary.
Spot gold was down 1.8% at $2,664.53 per ounce, as of 0619 GMT, after declining more than 2% earlier in the session. Bullion had hit its highest since Nov. 6 earlier in the day.
US gold futures shed 1.7% to $2,666.40.
Gold's five-session rally has paused due to some profit-taking and Donald Trump's pick of Bessent as the next US Treasury secretary, hinting at tempered use of tariffs and easing US-China trade uncertainty, said IG market strategist Yeap Jun Rong.
President-elect Trump has floated the idea of a 60% tariff on Chinese goods and at least a 10% levy on all other imports.
Gold is considered a safe investment during times of economic and political uncertainty.
Investors are also awaiting minutes of the Federal Reserve's November meeting, GDP data (first revision), and core PCE figures, all due this week.
Traders currently see a 56% chance of another 25-basis-point rate cut in December, compared to 62% last week, according to the CME Fedwatch tool.
Recent less dovish signals from US policymakers suggest any unexpected rise in inflation could strengthen expectations of a rate hold in December, Rong said.
Higher interest rates tend to make gold less appealing, as they yield no interest.
Some Fed policymakers last week expressed concerns that inflation progress may have stalled, advocating for caution, while others emphasized the need for continued rate cuts.
On the geopolitical front, Hezbollah fired heavy rockets at Israel on Sunday, following an Israeli airstrike that killed at least 29 in Beirut. There were reports of damage near Tel Aviv.
Spot silver fell 2.2% to $30.63 per ounce, platinum was down 1.2% to $952.00 and palladium slipped 1% to $998.88.