Tunisia: Kais Saied castigates rating agencies

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Tunisian President Kais Saied on Thursday accused international rating agencies of having used “biased criteria” in assessing the country’s ability to attract investment.

It happened during a meeting with Financial Markets Council (CMF) Chairman Salah Sayel, a day after the country’s central bank (BCT) sounded the alarm on declining foreign exchange reserves. , the deterioration of international ratings and the deterioration of public finances.

Tunisia according to the BCT currently has a negative credit rate outlook. In July, Fitch demoted Tunisia to “B-”. The North African country will therefore face challenges in raising funds on the international market and obtaining loans from global lenders.

In his July report, Fitch argued that “the fragmented political landscape and entrenched social opposition constrain the government’s ability to adopt strong fiscal consolidation measures, complicating efforts to secure programs from the International Monetary Fund (IMF ) ”.

Tunisia has slipped further into political uncertainty and political enigma since July 25 after Saied seized executive power and suspended parliament in the name of a fight against corruption and mismanagement.

During the meeting with Sayel, Saied according to his office said that Tunisia should be treated as a sovereign country in its dealings with international rating agencies.

“We are part of the global economy and I say to everyone: we are dealing with financial institutions but they must also treat us as a sovereign state,” he said.

Several bilateral international partners are wary of the political situation in Tunisia. The G7 last month urged Saied to put the country back on the path to democracy amid reports of harassment of politicians, journalists, businessmen and critics of the president.

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