Internal Debt Repayment Moratorium to Continue in September 2024
The moratorium on internal debt repayment will continue throughout September 2024. As for Treasury bonds, only the BTCT 13-week line with a maturity date of September 25, 2024, and a value of 31,400 million Tunisian dinars (Mtnd) will be affected.
Regarding external debt, Tunisia will have to pay $25.6 million under the last agreement with the International Monetary Fund (IMF) (2016-2019) and $34 million to the African Export-Import Bank (Afreximbank) (2022 credit).
This light calendar for most of the summer season and September is, in our opinion, well-planned in advance. During these months, refinancing internal debt repayments may create liquidity issues, as consumption often peaks. September marks the back-to-school season, and it is preferable to conserve resources.
Of course, the following months will be marked by significant internal debt servicing. Therefore, the priority is to mobilize resources, such as the third tranche of the 2024 national bond issue. This instrument is not eligible for refinancing by the Central Bank and targets long-term savings of Tunisians. It should not disrupt the normal functioning of the financial sphere.
In the meantime, the Treasury will continue to issue bonds on the market to absorb any excess liquidity. Tomorrow, the first auction of the new school year will take place, with the issuance of BTAs for a value of 100 Mtnd. It would not be surprising if the amount were lower or if the auction were unsuccessful. This should be viewed in the context of moderate needs on one hand, and a large operation to be launched tomorrow.
