Algerian President to place $150 million in debt-laden Tunisian Central Bank


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Algerian President to place $150 million in debt-laden Tunisian Central Bank

On Sunday, the 2nd of February 2020, the President of Algeria, Abdel Majid Taboun said that his country would place a stark sum of $150 million in the Tunisian Central bank as fiscal aid, remarking a lifeline for the grief-sickened Tunisian Central Bank which had been grappling with a current account deficit of as much as $4.19 billion.

In point of fact, Tunisia, the north African country historically dependent on oil, agri-food products, phosphate and tourism, had been facing off its worst economic downturns in decades, while the Tunisian Government debt had surged to 77.1 per cent of the nation’s entire Nominal GDP as of December 31st, 2018.

Meanwhile, addressing to Tunisia’s growing budget deficit and its inability to pay for the energies, the Algerian President Taboun said in a press conference on Sunday (February 2nd) with the visiting Tunisian President beside him, “In light of the economic difficulties, we decided to put in the Tunisian Central Bank a deposit of 150 million dollars.

We agreed to facilitate Tunisia to pay the gas and fuel bill as long as Tunisia faces difficulties in payment. ” It had been the Tunisian President Saeed’s first visit in Algeria since his October election.