Tunisia Restricts Imports
World Economy

Tunisia Restricts Imports

Tunisia will restrict the import of some goods to tackle its widening trade deficit and protect foreign reserves as the local dinar currency slides to historic lows against the euro and dollar, Prime Minister Youssef Chahed said. Praised for its successful democratic transition after a 2011 uprising, Tunisia has struggled to progress with tough economic reforms to reduce public spending as demanded by the International Monetary Fund and its international partners, Reuters reported. “The fall of the dinar reflects this enormous trade deficit but there is no need to panic. We will limit some random imports. We have a lot of unnecessary imports,” he told reporters at an event in Sfax city. The dinar traded at 2.64 against the euro and 2.46 against the dollar on Friday for the first time, traders told Reuters. Chahed said a cabinet meeting next week would decide on the details of the restrictions. Tunisia’s trade deficit expanded by 57% to reach $1.68 billion in the first quarter of this year because of a jump in imports.

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