Debt Remains a Pressing Issue for Tunisia
Debt continues to be a particularly important topic for Tunisia, especially in the context of an unstable regional geopolitical environment.
Internal Debt Repayment Schedule
The internal loan repayment schedule does not appear to be crowded, with only one deadline scheduled: the BTCT 52 weeks 17072026 for 102 MDT.
Summer Season: A Brief Respite
Looking at recent years, we notice that the summer season is marked by a sort of truce, allowing the Treasury to prepare for the upcoming year and the end of the year. Yesterday's meeting between the Ministry of Finance and bank representatives falls within this framework. With the additional budget deficit caused by the energy bill, the end of the year is expected to be marked by an additional local debt program.
Repayment of Syndicated Loans
It is also worth noting that a portion of the syndicated loans in foreign currencies contracted with local banks will be repaid during this month.
External Debt
On the external debt front, the main appointment is the repayment of the 700 million euro eurobond, issued at a rate of 6.375%. This amount is equivalent to 2,340,520 MDT at the current exchange rate, or more than 10 days of imports (based on June 30, 2026 figures).
Financing from Afreximbank
We understand why the authorities have ensured financing of $500 million from Afreximbank. This should support foreign exchange holdings, a key indicator for a country like ours.
Repayment of IMF Financing
There will also be the repayment of a tranche of financing granted by the International Monetary Fund (IMF) under the Extended Credit Facility (ECF) concluded for the period 2016-2019. This repayment is estimated at $26 million.
Conclusion
By the end of this month, we can say that the external debt file for 2026 is almost closed. It is now necessary to continue mobilizing foreign exchange resources, at least in the context of project financing. It is crucial to end the year with a comfortable level of reserves.
