Tunisia's Total Debt Increases by 3.9% in 2025
According to the latest annual report from the Central Bank of Tunisia (BCT), the country's total debt increased by 3.9% in 2025, down from 4.5% the previous year.
Breakdown of Debt
The BCT attributes this slowdown to a dual movement:
- The external debt decreased more sharply, by 9.9% compared to 6.6% in 2024.
- The internal debt increased, but at a more modest pace, by 9.6% compared to 9.8% in 2024.
External Debt Decreases, Internal Debt Increases
The outstanding external debt stood at 67,160 MTD at the end of 2025, continuing its decline since 2023. The BCT explains this decrease by higher principal repayments than new financing mobilized, combined with an unfavorable exchange rate effect related to the fluctuations of the dinar. On the other hand, the internal debt reached 199,254 MTD, driven in particular by state debt (+21.6%, compared to +24% in 2024).
Domestic Financing Now Accounts for Three-Quarters of Total Debt
Another key finding from the report is that domestic financing now accounts for three-quarters of the country's total debt, a weight that continues to increase year after year (67% in 2023, 71% in 2024, and 75% in 2025).
The State Concentrates Half of the Debt
According to the BCT's 2025 report, the state alone accounts for approximately 50% of the national debt. Its debt increased by 5.2% in 2025, a less marked increase than in 2024, which was 6.6%. Other non-financial economic agents saw their debt increase by 2.7%.
Public Debt Repayment Expenses Decrease
Public debt repayment expenses decreased by 1.5% over the year, standing at 24,441.5 MTD. This decrease is mainly due to the 12.5% decline in external debt service. The BCT anticipates the same trend for 2026, with a service of 23,057 MTD, down 5.7%.
Not Enough to Encourage Investment
The decrease in external debt can be seen as an encouraging factor, as it mechanically reduces the pressure on public finances and frees up some budgetary margin. For entrepreneurs and investors, the signal is rather positive: less external debt to repay means potentially less recourse to state financial markets, and therefore less competition for available local liquidity.
However, the growing weight of internal debt, which now accounts for 75% of the total, could ultimately weigh on access to bank credit for the private sector if the state continues to mobilize a large part of domestic savings.
