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Tunisia Says World Bank to Lend it $400 Mln

People walk in the center of Tunis, Tunisia, April 29, 2021. REUTERS/Zoubeir Souissi
People walk in the center of Tunis, Tunisia, April 29, 2021. REUTERS/Zoubeir Souissi
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Tunisia Says World Bank to Lend it $400 Mln

People walk in the center of Tunis, Tunisia, April 29, 2021. REUTERS/Zoubeir Souissi
People walk in the center of Tunis, Tunisia, April 29, 2021. REUTERS/Zoubeir Souissi

The World Bank will lend Tunisia about $400 million to finance social reforms, the Tunisian government said on Tuesday, as it started talks with the International Monetary Fund on economic reforms.

The country, which is suffering from a financial crisis, is seeking to obtain a rescue package from the IMF in exchange for economic reforms, including spending cuts.

After a meeting with Prime Minister Najla Bouden, World Bank Vice President Ferid Belhaj said on Tuesday the bank was ready to provide the necessary funds for Tunisia to implement economic reforms.

The IMF and foreign donors have said the outlined economic reforms, including to energy subsidies, would need broad support, including from the powerful UGTT union for a deal to be secured.

According to Reuters, Finance Minister Sihem Boughdiri said earlier this month that Tunisia hoped to seal an agreement with the IMF in April.

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Saudi Red Sea Authority, Insurance Authority to Launch Saudi 1st Coastal Tourism Insurance Product

Saudi Red Sea Authority, Insurance Authority to Launch Saudi 1st Coastal Tourism Insurance Product
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Saudi Red Sea Authority, Insurance Authority to Launch Saudi 1st Coastal Tourism Insurance Product

Saudi Red Sea Authority, Insurance Authority to Launch Saudi 1st Coastal Tourism Insurance Product

The Saudi Red Sea Authority (SRSA) and the Insurance Authority have signed a cooperation agreement to launch insurance products that cover risks associated with all coastal tourism activities through local insurance companies, according to a press release issued by SRSA.
This initiative aims to enhance the appeal of coastal tourism, attract participants in navigational and marine tourism activities, and strengthen local content in alignment with Saudi Vision 2030, SPA reported.
The agreement was signed by SRSA CEO Mohammed Al Nasser and Insurance Authority CEO Eng. Naji Al-Faisal Al-Tamimi.
The release noted that the launch of these insurance products aligns with SRSA's mandate to promote navigational and marine tourism, providing a comprehensive tourism experience and establishing a model infrastructure that attracts investment in the sector.
The Insurance Authority is similarly committed to fostering industry growth and development by coordinating with other government entities to enhance its activities through a range of innovative insurance products that stimulate and protect investments.
In partnership with the Insurance Authority, SRSA held a series of meetings with insurance companies to develop these products, aiming to enhance the appeal of navigational and marine tourism activities—including sailing, kayaking, water skiing, diving, boating, and surfing—to better serve practitioners' needs.
SRSA began its efforts to build and regulate the coastal tourism sector in 2021, with objectives that include enhancing integration among relevant entities by issuing licenses and permits, developing policies and strategies, determining infrastructure requirements, preserving the marine environment, enabling small and medium-sized enterprises (SMEs), and promoting navigational and marine tourism activities, thereby adding value to the national economy.
Established by Cabinet Resolution No. 85 on August 15, 2023, the Insurance Authority is responsible for organizing, stabilizing, and developing Saudi Arabia's insurance sector. Benefiting from legal personality, financial and administrative independence, and organizational affiliation with the Prime Minister, the Authority is dedicated to increasing insurance awareness, safeguarding the rights of the insured and beneficiaries, contributing to financial stability, and reinforcing the principles underlying insurance contractual relationships.