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This became clear in November 2016, following the flop of the investment conference , which aimed at finding potential investors for 141 projects of an overall value of 50-60 billion Euros) and collected only 14 billion euros of pledges from international organizations and donors.

How is macroeconomic discipline going to encourage private investment and FDIs in particular in an economy with these very specific constraints?

The same pattern can be observed going back to the protests, sit-ins and demonstrations of January 2016 – mainly criticizing the government for the lack of job opportunities and the long-term prospects of growth – as well as to the uprising that led to Ben Ali’s resignation and escape in January 2011.

Over the recent years, the most vulnerable as well as the middle class have also been suffering from the dramatic fall of the Tunisian dinar (approximately -10 percent between 20 and -20 percent between 20 with respect to the euro), a measure required within the framework of the EFF as a more flexible exchange rate regime is seen as “instrumental in supporting Tunisia’s export sector”[4].

In early January 2018 – a very eventful month in Tunisia’s history – people took once again to the streets to protest against 2018 Finance Law, which incorporates several IMF’s recommendations on fiscal discipline.

The importance of facilitating private initiative in an efficient and transparent way through better governance and institutional reforms may sound as a reasonable point for everybody to agree upon.

A dozen defence lawyers had been arguing for an acquittal for the couple.

The majority of the lawyers were working for free on the case, which has triggered an uproar in Tunisia over morality campaigns and police behaviour.

According to the most recent data of the Tunisian Institute for Statistics on merchandise trade (in constant prices), exports contracted by 0.1 percent between 20, but rebounded by 4.3 percent in 2017, while imports increased by 2.8 percent in 2016 and 2.6 percent in 2016.

The recovery in exports was largely driven by agricultural products ( 7.1 percent) and fuels exports ( 6.7 percent), which had shrunk by 21.8 percent and 13.4 percent in 2016, respectively; the textile sector decreased by 0.7 percent in 2016 and increased by 1.1 percent in 2017, while mechanical and electronic exports increased both years by 8.1 and 5.5 percent.

Growth will come with improved business and investor confidence, which in turn will come once Tunisia can cut its deficits, and control debt and inflation” IMF’s response[1] to an article published by The Guardian[2] criticizing the organization’s austerity-based requirements in Tunisia is a clear indication of the theoretical framework and the causal links inspiring its operations.

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