Economy Tunisia seeks $2.2bn from central bank to repay debts By Pramod Kumar December 3, 2024, 11:48 AM Reuters/Jihed Abidellaoui Tunisian prime minister Kamel Madouri speaks in parliament during a session to discuss the 2025 budget Tunisia’s central bank will provide $2.2 billion to the government to help repay debts next year, according to news reports. The funding follows the parliamentary approval of a budget law amendment that allows the government to borrow directly from the central bank. This marks the second instance within a year of the government tapping the central bank for funds. The 2025 budget forecasts domestic borrowing to rise to $7 billion from $3.5 billion in 2024, while external loans fall to $1.98 billion from $5.32 billion, Reuters reported. Addressing the parliament, finance minister Sihem Boughdiri said the measure was necessary to address ongoing financial challenges, including reduced tax revenues and the growing burden of public debt servicing. Tunisia’s tough decisions: to reform or face debt default EU throws Tunisia a financial lifeline with $163m grant Saudi Arabia loans $55m for Tunisian rail renewal The central bank loan carries zero interest, a 15-year repayment term, and an initial three-year moratorium. Tunisia must pay off debt worth 9 billion dinars ($2.85 billion) in the first quarter of 2025, including 5.1 billion dinars in foreign debt. Tunisia faces a debt repayment obligation of 9 billion dinars ($2.85 billion) in the first quarter of 2025, including $1.6 billion in foreign debt, the news agency reported.
Education Gems Education announces $100m Dubai school Gems Education has revealed plans to open the most expensive school in the Gulf, which is set for completion later this year. It is spending $100 million to develop Gems School of Research and Innovation in Dubai Sports City. Annual fees will start from AED116,000 ($31,582) for early-years education and rise to AED206,000 by the […] 4 hours ago
Energy Aramco announces $9bn of localisation investment Saudi Aramco has identified 210 localisation opportunities within 12 sectors with an estimated market size of $28 billion. Wail Al Jaafari, Aramco vice president of technical services, made the comments on the opening day of the Iktva Forum in Dhahran on Monday. Iktva, which stands for “in-kingdom technical value add”, “is a top priority in […] 3 hours ago
Mining Brazil and UAE sign minerals exploration deal The UAE and Brazil have signed an agreement potentially worth billions of dollars to invest in the search for minerals that are essential to the green energy transition. The memorandum of understanding aims to promote exploration for and development of “strategic” minerals, in a partnership that could reach R$15 billion ($2.45 billion) in investments, Brazil’s […] 3 hours ago
Energy Turkey needs $80bn for energy transition, says minister Turkey needs $80 billion to meet growing energy demand, which has tripled in the last two decades, the energy minister said on Monday. “We need to attract capital into our energy markets. We need to find new business solutions,” Alparslan Bayraktar said at the International Renewable Energy Agency assembly in Abu Dhabi, adding that the […] 2 hours ago
