Tunisia - Cumulative foreign debt servicing on May 31, 2023 reached TND 3,267.3 million, while cumulative work income (remittances from Tunisians abroad) amounted to TND 3,177.7 million at the end of May 2023, according to the daily monetary and financial indicators published Tuesday by the Central Bank of Tunisia (BCT).

This shows that foreign debt repayment operations are taking up all the remittances from Tunisians living abroad.

The latter increased by TND 180.5 million at the end of May 2023 compared with the same period in 2022, while cumulative tourist receipts stood at TND 1,716.5 million on May 31, 2023, compared with TND 1,087.9 million during the same period in 2022, up by TND 628.6 million.

Despite the improvement in tourism receipts and remittances from Tunisians living abroad, the high level of foreign debt servicing is draining the external sector, with net foreign currency assets falling to TND 2,151.3 million (91 days of imports) on June 5, 2023, compared with TND 2,489 million (124 days of imports) recorded on June 5, 2002, down by TND 3,437.7 million, or the equivalent of 33 days of imports.

BCT indicators also show a 0.62 fall in the value of the dinar against the dollar and a 2.93% drop against the euro.

The value of the greenback is estimated at 3.34 dinars, according to the BCT.

According to the Ministry of Finance's report on the State 2023 budget, debt servicing (medium- and long-term) is expected to increase by 46.9%, or the equivalent of TND 6,741 million compared with 2022, to TND 2,100 million by the end of this year, while cash financing requirements are estimated at TND 2,390 million.

Budget support credits are expected to reach TND 13,059 million.

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