Tunisia |

Tunisia’s Ruling Party Threatens to Quit Government Over `Coup’

TUNIS (Capital Markets in Africa) – Tunisia’s ruling Nidaa Tounes party demanded on Thursday that its members pull out of the cabinet or face suspension after Prime Minister Youssef Chahed announced a partial reshuffle without consulting President Beji Caid Essebsi. The cabinet changes strengthened Chahed’s hand but deepened a rift with Essebsi as the government seeks to shore up support to tackle strong inflation and strained finances. Both men are members of Nidaa Tounes, which has informally splintered…

Tunisian Risks to Macroeconomic Stability Increase – IMF says

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TUNIS (Capital Markets in Africa) – The International Monetary Fund considered that Tunisian authorities remain committed to the implementation of urgent economic reforms to reduce the country’s macroeconomic and fiscal imbalances. It indicated that the economy showed signs of recovery, with real GDP growing by 2.5% in the first quarter of 2018, its highest level since 2014, supported by strong agricultural production and exports. Also, it noted that the current account deficit narrowed because of a…

Tunisia Can’t Defend the Dinar, Central Bank Governor Says

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TUNIS (Capital Markets in Africa) – Tunisia can’t defend its currency “even if it wanted to,” and must instead focus on narrowing its trade deficit to revive the economy, according to central bank Governor Marouane El Abassi. El Abassi, in his first news conference since being appointed last month, said the central bank raised its benchmark interest rate by 75 basis points this week to curb inflation, which he said risked becoming “uncontrollable.” The dinar has weakened…

South African Stocks 0.5% Lower, Tunisia SE Rises 0.8%;

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JOHANNESBURG (Capital Markets in Africa) – FTSE/JSE Africa All Share Index falls 0.5% in Johannesburg. Fortress drops after Resilient and Fortress announce they will restructure Siyakha Trust and Siyakha 2 Trust, with the intention to unwind cross-shareholding. Biggest laggers by percentage points: Tiger Brands (-7.9%), after U.A.E. bans co.’s processed meat products, Kumba (-7.1%), Fortress B shares (-5.9%), Fortress A shares (-5.6%), Steinhoff (-4.7%), BHP (-4.2%), FirstRand (-3.9%) News: Everglen to Sell About $100m of Transaction…

Tunisians Clash With Police as Protests Over Economy Build

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TUNIS (Capital Markets in Africa) – Tunisian police fired rubber bullets and tear gas at demonstrators in the capital, Tunis, as increasingly violent protests test a government struggling to put its finances in order and attract investors. Late Tuesday, a branch of the French superstore Carrefour was looted and attempts made to set the building on fire. Demonstrations began last week over the government’s budget, which includes higher taxes and spending cuts. One protester has…

Tunisia SE Rises 0.9% to 6,257.24; Poulina Group Leads Advance

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TUNIS (Capital Markets in Africa) – The Tunisia Stock Exchange Tunindex rose 0.9 percent to 6,257.24. The move was the biggest since rising 1.1 percent on Aug. 29 and follows the previous session’s decrease of 1.3 percent. The MSCI Emerging Markets Europe, Middle East and Africa Index was little changed, down 0.07 percent. Poulina Group contributed the most to the advance and had the biggest gain, increasing 5.3 percent. Servicom SA fell 3.2 percent, the biggest loss. The biggest movers also…

Tunisia to Raise Taxes, Curb Wage Growth in 2018 to Fix Finances

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TUNIS (Capital Markets in Africa) – Tunisia plans to cut its budget deficit by raising taxes and curbing wage increases next year, as it implements an IMF-backed plan designed to fix state finances, spur growth and create jobs. The government is aiming for a budget gap of 4.9 percent of gross domestic product in 2018, the state-run news agency TAP reported, compared with about 6 percent projected by the IMF for this year. Revenue measures…

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