Egypt Plans to Reduce Prices on Staple Foods by 15-25%

Egypt Plans to Reduce Prices on Staple Foods by 15-25%

Tunisia reached a preliminary deal with the International Monetary Fund a year ago on a $1.9 billion loan program, but 12 months later it has yet to receive any money and seems unwilling to implement the reforms needed to do so.

While analysts say the North African nation can manage without IMF support in the short-term, they are much less confident about its outlook for the years ahead.

Amid hostile rebukes and the rejection of some of the terms from Tunisian President Kais Saied, as well as domestic political turmoil, the country still hasn't secured IMF board approval for the deal - a key step to unlock the funds.

The one-year lag is a record delay between a preliminary deal and the final signoff, according to public data on over 80 cases compiled by Reuters. This compares to the median 55 days it took low- and middle-income countries between the two steps, and exceeds even the long waits of countries like Chad, Zambia and Sri Lanka.

"The lack of political will among Tunisia's government to tackle a long list of necessary reforms is the major stumbling point," James Swanston, senior economist at Capital Economics in London, told Reuters.

Reducing the budget deficit, reforming large state-owned