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Tunisia Expects Inflation to Reach 10.5% in 2023

People walk past shops in the Medina, in the Old City of Tunis, Tunisia, July 27, 2021. Picture taken July 27, 2021. REUTERS/Zoubeir Souissi
People walk past shops in the Medina, in the Old City of Tunis, Tunisia, July 27, 2021. Picture taken July 27, 2021. REUTERS/Zoubeir Souissi
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Tunisia Expects Inflation to Reach 10.5% in 2023

People walk past shops in the Medina, in the Old City of Tunis, Tunisia, July 27, 2021. Picture taken July 27, 2021. REUTERS/Zoubeir Souissi
People walk past shops in the Medina, in the Old City of Tunis, Tunisia, July 27, 2021. Picture taken July 27, 2021. REUTERS/Zoubeir Souissi

Tunisia expects inflation to average 10.5% in 2023, up from 8.3% expected for 2022, as inflationary pressures continue to increase, economy minister Samir Saeed said on Monday.

The Tunisian government has no alternative to an agreement with the IMF, Saeed added.

Tunisia has reached a staff-level agreement with the IMF for a $1.9 billion rescue package in exchange for unpopular reforms, including cutting food and energy subsidies, and overhauling public companies. It aims to reach a final deal in weeks.

The economy ministry said on Friday that economic growth in 2023 would be 1.8%, compared with 2.5% expected this year.

The country's external borrowing needs next year will increase by 34% to 16 billion dinars ($5.2 billion) while public debt is expected to rise by 44.4% to 20.7 billion dinars.

The 2023 budget showed that wage bill in the public sector will drop from 15.1% in 2022 to 14% next year, a main reform demanded by the IMF.

The country's trade deficit is expected to shrink by 1.5% next year, to 15.8% of GDP in 2023.

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Algeria to Buy $1.5 Billion Shares in BRICS Bank

Algerian capital (Reuters)
Algerian capital (Reuters)
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Algeria to Buy $1.5 Billion Shares in BRICS Bank

Algerian capital (Reuters)
Algerian capital (Reuters)

Algerian President Abdelmadjid Tebboune said on Saturday his country intends to buy shares in the BRICS New Development Bank (NDB) for $1.5 billion.
On the sidelines of the ninth annual meeting of the BRICS NDB held in Cape Town on August 31, Algeria has been authorized to become a member of this entity.
But Tebboune said his country is no longer interested in joining the BRICS economic alliance in view of the political positions and membership criteria of some of its members.
“We wanted to join the BRICS economic group, but some members blocked Algeria's accession,” the Algerian President said in an interview with representatives of national media, broadcast on Saturday evening on national television and radio channels. He said those members realized they can’t affect Algeria’s dynamic.
On the other hand, Tebboune revealed that the country’s priority now is to build a strong economy. “Building a strong national economy and protecting Algeria from global fluctuations are among the priorities,” he said, emphasizing the importance of domestic production of widely consumed goods.
The President stressed that he could not turn all Algerians rich, but vowed to strengthen the purchasing power of citizens to preserve their dignity and reduce poverty.
“We are exerting efforts to achieve self-sufficiency in basic foodstuffs such as wheat and barley,” he said.
He also highlighted that in 2024, Algeria has achieved “80% self-sufficiency in wheat production.”
Tebboune further asserted that the phenomenon of smuggling, which harms the national economy, must stop, as Algeria plans to create free zones with neighboring brotherly countries.
He said Algeria has a free zone with Mauritania and soon with Niger and then Tunisia and Libya.