Moody's credit rating agency affirmed Tunisia's rating at B2 with changing the outlook to negative. The agency also affirmed a (B2) rating for the Central Bank of Tunisia, with the outlook also changed to negative, as it is the issuing institution for bonds offered by the government.
The agency indicated that the rating reflects Tunisia's ability to maintain a level of hard currency reserves that allows it to pay off the loan installments due in 2021. Revealing that the negative outlook reflects the economic, financial, social and political challenges that the government faces in implementing the tax cleansing and reforms necessary to obtain to provide formal support and to maintain reliable means of financing.
According to the agency, Tunisia has gained the ability to maintain economic trends, and has made progress in implementing reforms, but it is still facing weak governance and social challenges that cause slow economic progress.
In the latest data issued by the Tunisian Central Bank, Tunisia's hard currency reserves rose by 17 percent, to reach the equivalent of 21 billion dinars in local currency, which is equivalent to 142 days of supply, compared to 18 billion dinars, or the equivalent of 101 days of supply in 2019.
Source (Al-Araby Al-Jadeed Newspaper, Edited)
