Budget Execution: A Positive Balance of 655.5 Billion Dinars
At three months from the end of the 2025 fiscal year, the state budget execution still shows a positive balance of 655.5 billion dinars. Revenues have totaled 36,060.9 billion dinars, including 33,439.4 billion dinars in tax revenues and 2,417.8 billion dinars in non-tax revenues.
Tax Revenues
The income tax and VAT are the two main pillars of these revenues, generating respectively 9,757.9 and 8,587.3 billion dinars, or 54.8% of tax revenues. The corporate tax has brought in 4,913.5 billion dinars, up 19.8% year-over-year.
Expenditures
On the expenditure side, there is control, with a limited increase of 2.7%, to 35,201.6 billion dinars. Remuneration expenses are the main cost center, weighing in at 17,416.6 billion dinars. Intervention expenses have increased by 10.8%, to 9,184.7 billion dinars, including 4,826.8 billion dinars in compensation.
Debt Service
The debt service has consumed 19,532.5 billion dinars, or 79.1% of the budgeted amount, including 10,807.7 billion dinars in local borrowing and 8,724.8 billion dinars in external borrowing. The debt outstanding amounts to 136,624.8 billion dinars as of September 2025, with 41.1% denominated in foreign currencies.
Financing
In 2025, Tunisia was able to mobilize 15,467.4 billion dinars on the local market, including 9,111 billion dinars in treasury bills and 2,306.4 billion dinars in treasury certificates. External debt is limited to 3,045.1 billion dinars, divided into 1,799.8 billion dinars in budget support, 1,048.1 billion dinars in external loans allocated to state projects, and 197.2 billion dinars in external loans granted to public enterprises.
Outlook
The balances are maintained, and we believe that the year could end with a deficit in line with, or even slightly below, expectations.
