Cumulative tourist receipts, expat remittances cover 44% of external debt servicing at end of February

Cumulative tourist receipts and expat remittances barely cover 44% of external debt servicing at the end of February 2024, according to figures released Monday by the Central Bank of Tunisia (French: BCT). External debt servicing witnessed a staggering 160% surge, escalating from TND 1.7 billion at the end of February 2023 to TND 4.6 billion by the end of February 2024. This is the result of the repayment on February 17 of the pound 850 million Eurobond (the principal sum) along with pound 47.8 million in interest, totalling pound 898 million (equivalent to TND 3 billion). This is the most significant proportion of external debt in the current year. The next major repayment under Tunisia's external public debt is scheduled for October 2024. This is a loan guaranteed by the Japan International Cooperation Agency (JICA) in 2014, requiring TND 1 billion in repayment, that is 5 days of imports. Cumulative tourism receipts and expat remittances grew 11.3% (TND 858 million) and 5.3% (TND 1175 million), respecti vely, in the first two months of 2024 compared to the same period last year. This improvement contributed to net foreign exchange reserves rising 5% from TND 22.4 billion (equivalent to 97 days of imports) on March 8, 2023, to TND 23.5 billion (equivalent to 107 days of imports). Source: Agence Tunis Afrique Presse