World Bank loans Tunisia $300m to curb poverty

The World Bank has allocated Tunisia $300 million to help support more than one million Tunisian families living under the poverty line, the office of President Kais Saied said Monday.

The announcement came following a meeting between the Tunisian President and Férid Belhadj, World Bank Group Vice President for MENA region.

Financial support, the office said, has been allocated in the framework of Tunisia’s social program.

The North African country whose economy has been timidly rising from the ashes of the 2011 revolution that swept President Ben Ali, has been furthered battered by the Coronavirus pandemic.

Authorities in October said the pandemic downturn will cause the loss of 165,000 jobs. The country’s statistics agency expected unemployment to worsen to 26% from an already high 18% in the first six months of 2020.

The Tunisian economy is also facing the specter of foreign debt, which grew by June to 60% of GDP, representing 30 billion euros.