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Tunisia obtains $176 mln soft Arab Fund loan

Arab World Materials 27 September 2012 09:01
Tunisia obtains $176 mln soft Arab Fund loan
Tunisia obtains $176 mln soft Arab Fund loan

The Arab Monetary Fund has lent Tunisia 276 million dinars ($176 million) to help shore up its current account balance and reforming the banking system in the cradle of Arab Spring revolts, the Tunisian central said on Wednesday Reuters reported

The soft leans consist of 115 million dinars to support its balance of payment, 92 million dinars to boost its foreign currency reserves and 69 milliondinars to help with a reform of financial and banking sectors, the bank said in a statement.

The Abu Dhabi-based fund offered the loans at an interest rate under 1 percent and a grace period of between 18 and 24 months, the central bank added.

Tunisia relies on Middle Eastern and Western nations to help its economy recover after its revolution last year overthew its veteran leader and triggered the Arab Spring uprisings.

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