AGP Executive Report

Tunisia Macroeconomy: Tunisia’s current account deficit narrowed to 1.5% of GDP by end-April 2026 (2.731 million dinars), helped by stronger “invisible” flows—tourism services and steady remittances—despite a wider energy-driven trade gap. Monetary Policy: The Central Bank of Tunisia kept the key interest rate unchanged at 7% on June 3, citing inflation risks and a “prudent” stance to protect price stability and macro resilience. Corporate Watch: Société Accumulateur ASSAD reported a 14.9% revenue drop in Q1 2026, with domestic sales up but exports down sharply, alongside production and investment pullbacks and continued debt clean-up. Business & Tech: The Tunisia Africa Business Council launched ST2A, a pan-African consortium to pool Tunisian ICT, AI, cybersecurity and digital-infrastructure expertise for projects across Africa. Public Investment Push: The government reviewed progress on major projects, with a focus on faster execution, better project preparation, and tighter procurement to improve delivery across regions. Regional Business Climate: Tunisia also appears in FT’s Africa fastest-growing companies ranking, debuting in the top five with six firms.

Monetary Policy: Tunisia’s Central Bank kept its key interest rate unchanged at 7% on June 3, citing inflation risks and intensifying external price pressures. Digital Connectivity: ViaTunisia’s Marseille–Bizerte subsea segment has reached Ready for Service, boosting direct, resilient Europe–North Africa bandwidth with EU co-financing. Trade & Borders: Libya and Tunisia began implementing key free-trade provisions, including electronic certificates of origin and renewed joint customs crossings, alongside steps to curb smuggling and ease truck movement. Tourism Momentum: UN Tourism data shows North Africa arrivals up 4% in Q1 2026, with Tunisia posting +26% in March; Tunisia’s tourism revenues rose to 2,649 million dinars by end-May. Tax Administration: Tunisia’s general legislation committee reopened debate on regulating the tax adviser profession, focusing on missions, practice conditions, and implementation challenges. Energy & Industry: A report on Europe’s hydrogen push highlights the proposed SoutH2 corridor linking Algeria and Tunisia to European consumers, while underscoring the heavy electricity needs behind “green” hydrogen.

Digital Infrastructure: ViaTunisia’s Marseille–Bizerte subsea cable segment has reached Ready for Service, moving from construction to full operations on a direct, resilient Europe–North Africa route, co-financed by the EU under the Connecting Europe Facility (CEF Digital). Monetary Policy: Tunisia’s Central Bank kept the key interest rate unchanged at 7%, citing stronger inflation pressures from external factors and the need for cautious policy to protect price stability. FX Watch: Foreign exchange reserves rose to 25.5bn dinars (as of June 2), covering 104 days of imports. Trade & Borders: Libya and Tunisia began implementing key free-trade measures, including electronic certificates of origin and renewed joint customs crossings, with steps to curb smuggling and ease truck movement. Business Finance: EBRD named Nodira Mansurova as its next regional head for Kyrgyzstan, Tajikistan and Turkmenistan, after leading EBRD’s Tunisia operations. Governance/Justice: A Tunis Court of Appeal detention warrant was issued against Khaled Krichi over suspected financial corruption and forged-document related charges. Health Policy: A Maghreb smoking forum in Tunis called for a unified regional strategy to cut smoking’s health and economic costs.

Monetary Policy Watch: Tunisia’s Central Bank kept its key interest rate unchanged at 7%, citing stronger inflation pressures from external factors and warning that uncertainty calls for a cautious stance to protect price stability and inflation expectations. FX & Imports: Foreign exchange reserves rose to 25.5 billion dinars as of June 2, covering 104 days of imports (up from 98 days a year earlier). Digital Connectivity: The ViaTunisia subsea cable link between Marseille and Bizerte reached Ready for Service, moving from construction to full operational availability on a new resilient route, co-financed by the EU’s Connecting Europe Facility (Digital). Regional Health Agenda: A Maghreb forum in Tunis pushed for a unified strategy to curb smoking, stressing prevention, awareness and the role of media and digital platforms. Corporate Appointments: Omar Bouzouada was installed as chairman and CEO of the Gafsa Phosphate Company and the Tunisian Chemical Group, as Tunisia seeks to revive phosphate and fertilizer production. Legal & Politics: A Tunis court issued a detention warrant against Khaled Krichi, a lawyer and former Truth and Dignity Commission member, in a corruption-related case.

Tunisia Politics: A Tunisian court sentenced Ennahda leader Rached Ghannouchi to life imprisonment in a terrorism-related case, with his deputy Ali Larayedh also receiving a long prison term, as the trial stems from complaints tied to the 2013 killings of Chokri Belaid and Mohamed Brahmi. Tunisia Education: More than 162,000 candidates will sit the 2026 Baccalaureate main session starting Wednesday, with exams running June 3-10 and results expected on June 23; nearly 6,000 exam centers are mobilized. Tunisia Business & Finance: Tunisia’s money market rate held steady at 6.99% in May for the fourth straight month, while telecom sector turnover in Q1 2026 exceeded TND 1 billion. Agriculture & Trade: South Africa is stepping up its foot-and-mouth disease response, adding millions of vaccine doses to protect livestock and safeguard export markets. Infrastructure & Connectivity: ViaTunisia, the subsea cable link between Marseille and Bizerte, has been declared ready for service, supported by EU funding. Regional Development: The EBRD named Nodira Mansurova as regional head for Kyrgyzstan, Tajikistan and Turkmenistan, with prior experience including leading the bank’s Tunisia operations.

Tunisia Exam Season: 162,435 candidates will sit the 2026 Baccalaureate main session starting Wednesday, June 3, with 5,988 exam centers mobilised nationwide and results due on June 23. Agriculture Finance: The Central Bank of Tunisia set rules to reschedule drought-affected farmers’ loans (2023-24 and 2024-25 seasons), excluding irrigated areas and covering certain seasonal and investment loan instalments over up to five years. Regional Trade & Investment: Tunisia will host the 7th COMESA Women in Business Trade Fair and Conference (July 1-3) at UTICA, aiming to connect women entrepreneurs with financing and partners across 21 COMESA countries. Business Deal-Making: The Tunisia-Africa Business Council and TUCAD launched a Permanent Deal Room, a year-round platform to match African project promoters with investors and financiers in sectors like energy, logistics, healthcare and agribusiness. Visa Consumer Push: OTIC’s Lotfi Riahi says outsourcing consular services has added fees and delays, and announced the “Tunis Declaration” to demand transparency and fairer visa-service practices. Health & Work: Tunisia recorded a 25.1% rise in occupational diseases in 2023, with musculoskeletal and respiratory conditions dominating, especially in the textile Sahel hubs. Corruption Case Update: Businessman Hatem Chaabouni was released after depositing a 60 million dinar financial guarantee.

Tunisia’s Olive Oil Export Surge: Tunisia exported about 295,400 tonnes of olive oil in the first half of the season, up 63.9%, with value rising to roughly TND 3.6bn (from TND 2.4bn), as Europe remains the main buyer at 56.5%. Tax Deadlines: Tunisia’s General Directorate of Taxes published its June 2026 calendar, including key dates for monthly returns and payments (June 15 for individuals; June 22 for online-registered legal entities) plus corporate income tax and wealth tax deadlines at the end of the month. Korea-Africa Business Push: In Seoul, South Korea’s foreign minister held talks with Tunisia and other African counterparts, while Tunisia’s FM Mohamed Ali Nafti urged a “fair cooperation” model and deeper trade, technology transfer and infrastructure financing. Korea-Libya Trade Angle: South Korea asked Libya to back a bigger role for Korean firms, especially in oil and refining, with Seoul also signaling the full reopening of its Libya embassy. World Cup Economics & Integrity: Coverage highlights the World Cup’s economic stakes and the risk of match-fixing, alongside reports that ticket prices may vary sharply between high-demand and lower-profile games. Fuel Pricing Watch (North Africa): Diesel prices in Tunisia and Algeria stayed stable since late February, while Morocco’s diesel remains above pre-war levels despite a recent dip.

Olive Oil Exports: Tunisia’s olive oil exports jumped about 50% in the first six months of the 2025/26 season, reaching roughly 295,400 tonnes and about TND 3.6bn, with Europe taking 56.5% of volumes. Monetary Policy Watch: The Central Bank of Tunisia kept the money market rate steady at 6.99% in May for a fourth straight month, while the year-on-year trend continues downward. Banking & Cash Use: The shadow economy remains a major concern, with cash in circulation near TND 30bn and banknotes outside the banking system rising sharply, pointing to growing informality. Telecom Growth: Tunisia’s telecom sector turnover crossed TND 1bn in Q1 2026, supported by fixed-line expansion and 5G rollout. Business Climate & FX: Parliament’s finance committee is set to hear CONECT on the draft Exchange Code, a key file for rules affecting companies and cross-border transactions. Trade & E-commerce: A new survey targets Tunisian firms involved in cross-border e-commerce to map operational and customs hurdles ahead of upcoming reforms. Tourism Boost: Tabarka welcomed its first seasonal tourist flight from Poland, bringing 190 visitors and a fresh push for the region’s summer bookings. Workers’ Rights: The ITUC Global Rights Index placed Tunisia among countries facing systemic labour-rights violations, alongside others added to the worst group.

Tunisia Exchange Code Hearing: Tunisia’s Finance and Budget Committee will hear CONECT today (June 1) on draft law No. 115/2025 for a new Exchange Code, a move that could reshape exchange rules, company operations and cross-border flows. Telecom Momentum: Tunisia’s telecom sector crossed TND 1 billion in Q1 2026, reaching TND 1.03 billion, driven by fixed-line growth, 5G rollout and higher data demand. Central Bank Watch: Tunisia’s money market rate held steady at 6.99% in May 2026, according to the Central Bank. Tunisia in Global Markets: Tunisia’s fruit exports climbed to $15.57m since the start of 2026, with blueberries gaining traction in India and exports reaching 23 markets. Africa–Korea Business Push: Tunisian FM Mohamed Ali Nafti told Yonhap that Tunisia can serve as a “strategic gateway” for South Korean firms to diversify supply chains toward Africa amid trade-route disruptions. World Cup Finance & Tunisia Angle: Tunisia’s World Cup campaign continues to draw attention as FIFA’s final roster deadline hits June 1 and Tunisia prepares for group matches. Workers’ Rights Index: The ITUC’s 2026 Global Rights Index again flags Tunisia among countries with serious labour-rights violations, alongside new additions including Argentina and Panama.

Tunisia-Africa Diplomacy: Foreign Minister Mohamed Ali Nafti urged South Korean firms to expand into Africa, calling Tunisia a “strategic gateway” to diversify supply chains amid global trade disruptions, ahead of the Korea-Africa foreign ministers meeting in Seoul. Eurasian Trade Talks: Eurasian Economic Union leaders approved free trade negotiations with Tunisia and updates to the bloc’s Serbia deal, positioning Tunisia as an entry point to Africa. Central Bank Watch: Tunisia’s money market rate held steady at 6.99% in May 2026 for the fourth straight month, with the key rate unchanged at 7%. Corporate Finance: Ennakl mobilized TND 150 million via a shareholder current account advance and a bond plan to meet Central Bank requirements and renew standby letters of credit for imports. Banking & Tech: Tunisia ranks 8th in Africa for generative AI use (13.5% of working-age people), while IFC says digital tools can cut waste collection costs in Tunisia by up to 57% and reduce fuel use by 29–48%. Transport Update: Bus line 28E will see an experimental partial route change from June 1, adding 5.5 km each way to serve Jardins de Carthage and Les Berges du Lac. World Context: External debt data show Tunisia among mid-tier borrowers (about $43.3bn), while AfDB funding flows highlight Kenya’s rising borrowing position.

EAEU Trade Push: Eurasian Economic Union leaders in Astana approved new trade initiatives and backed free-trade talks with Tunisia, positioning the country as a gateway to Africa; they also moved to update Serbia-related customs provisions and signed multiple documents covering AI, services liberalization and the common electricity market. Central Bank Watch: Tunisia’s money market rate held steady at 6.99% in May 2026 for the fourth straight month, with the key rate unchanged at 7%. Banking Liquidity: Ennakl Automobiles mobilised TND 150 million via a shareholder advance and a bond plan to meet Central Bank requirements and renew standby letters of credit for imports. Cash in Circulation: Banknotes and coins in Tunisia hit a record TND 29.7 billion as Eid al-Adha boosted cash demand, underlining the ongoing weight of informal, cash-based transactions. AI Adoption: A Microsoft report says 13.5% of Tunisia’s working-age population uses generative AI, ranking 8th in Africa and 79th globally. Public Transport Update: Bus line 28E will get a partial route change from June 1, adding service to Jardins de Carthage and Les Berges du Lac on an experimental basis. Tourism & Culture: Tunisia’s tourism ministry launched a One Nation Reggae Festival Creative Clinic report, framing culture as an economic development lever.

EAEU Trade Push: Eurasian Economic Union leaders in Astana approved new trade initiatives and started free-trade talks with Tunisia, positioning the country as a gateway to Africa; they also agreed to update Serbia provisions to simplify customs documents and clearance. Central Bank & Cash Dynamics: Tunisia’s money supply hit a new high as banknotes and coins in circulation reached 29.7bn dinars, up sharply year-on-year, with Eid al-Adha boosting cash demand and underlining the ongoing weight of informal cash use. Banking & Corporate Finance: Ennakl mobilised 150m dinars via a shareholder advance plus a bond plan to meet BCT requirements and renew standby letters of credit for imports. AI Adoption: Tunisia ranks 8th in Africa and 79th globally for generative AI use, with 13.5% of working-age people adopting the tools. Telecom Growth: Tunisia’s telecom turnover crossed 1bn dinars in Q1 2026 (1.0249bn dinars), driven mainly by fixed and mobile data as traditional voice declines. Business Performance: Monoprix Tunisia posted 2025 revenue of about $266.1m, with improved margins, cash generation and liquidity. Policy Hearing: Tunisia’s Finance and Budget Committee will hear Conect on a draft Foreign Exchange Code law on June 1. Transport Leadership: Habib Turki was appointed Secretary General of the International Road Transport Union (IRU). Civic Space Under Pressure: Tunisia continues a crackdown on NGOs, with suspensions and dissolution proceedings affecting rights groups and independent media. World Cup Logistics (Tunisia in Group F): Tunisia is drawn in World Cup 2026 Group F with Netherlands, Japan and Sweden, as host cities and travel burdens dominate the build-up.

EAEU-Tunisia Trade Push: The Eurasian Economic Union has started free-trade talks with Tunisia, aiming to cut Tunisia’s import duties from about 20% to around 4% once an agreement is reached, while also updating its Serbia deal to simplify customs paperwork. Foreign Exchange Law Hearing: Tunisia’s Finance and Budget Committee will hear Conect on June 1 on the draft Foreign Exchange Code, a key bill expected to shape the business climate and how firms handle international payments. Telecom Growth: Tunisia’s telecom turnover hit 1.0249bn dinars in Q1 2026, driven by fixed 5G expansion and rising revenues. Retail Results: Monoprix Tunisia reported 2025 revenue of about $266.1m, up 13.5%, with stronger cash generation and improved margins. Transport Leadership: Habib Turki was appointed Secretary General of the International Road Transport Union in Geneva. Civic Space Under Pressure: Tunisia continues a crackdown on NGOs, with suspensions and dissolution proceedings affecting groups including Inkyfada. AfDB Financing Advice: AfDB urges Tunisia to diversify financing partners and lean more on multilateral guarantees as reform and demand risks persist.

Tunisia’s Financing Strategy: The AfDB’s African Economic Outlook 2026 says Tunisia should diversify financing partners and lean more on multilateral guarantees, blended finance and diaspora mobilisation as risks mount from slow reforms, weak European demand, debt pressures, energy volatility and climate shocks. Telecoms Growth: Tunisia’s telecom turnover crossed 1 billion dinars in Q1 2026, reaching 1.0249 billion dinars, driven by fixed-line services, 5G rollout and a surge in fixed wireless access subscribers. Trade Talks: Eurasian Economic Union partners should turn agreements into real results by speeding procedures and market access; negotiations with Tunisia are now under way. Consumer Rights: OTIC launched the “Tunis Declaration” on visa services and international mobility, targeting rising fees, intermediaries and outsourcing that complicate access for citizens. Water & Infrastructure: In Gafsa, AfDB-financed projects completed upgrades to drinking water networks in El Kerba and El Aouansia, benefiting hundreds of subscribers. Agrifood Exports: CEPEX will organise a Tunisian olive oil promotion mission in Senegal (July 8-10) to boost B2B links and AfCFTA market positioning. NGO Crackdown: Tunisia is intensifying its crackdown on NGOs, with suspensions, arrests and dissolution proceedings affecting major rights groups and investigative media. EAEU Economic Snapshot: EAEU countries’ combined GDP growth contribution from integration reached 16.6% over five years, with mutual trade up 25%.

Aviation & Tourism: Tunisia’s embassy in Baghdad announced the resumption of the direct Tunis–Baghdad route with weekly Iraqi Airways flights during the 2026 tourist season, aiming to boost tourism and trade. Consumer Protection: OTIC launched the “Tunis Declaration on Consumer Rights in Visa Services and International Mobility,” pushing back against rising fees, intermediaries and outsourcing in visa processing. Foreign Exchange Reform: Tunisia’s Parliament will hear CONECT on June 1 regarding the new Foreign Exchange Code bill (No. 115/2025), with proposals meant to modernize rules and ease international transactions for firms. Water Infrastructure (Gafsa): AfDB-financed projects in Sidi Aïch (El Kerba and El Aouansia) are completed, targeting 1,990+ subscribers with upgraded networks, reservoirs, pumping and connections. Business & Markets (Tunisia): Tunisia’s car market continues its upward trend in the first four months of 2026, while the Tunis Stock Exchange keeps climbing (Tunindex +1.38% reported). Energy & Industry (regional): Algeria confirmed continued electricity exports to Tunisia for summer 2026, as Morocco tops Africa’s industrialisation index and Tunisia remains among the leading performers. Global Context: France raises non-EU student university fees sharply, a cost shock that could hit Tunisian families planning studies abroad.

Foreign Exchange Reform: Tunisia’s Parliament’s Finance and Budget Committee will hear CONECT on Monday, June 1, on the bill for a new Foreign Exchange Code (No. 115/2025), aiming to modernize rules, ease cross-border transactions, and improve the investment and export climate. Tunisia–Russia Trade Push: Russia’s Eurasian Economic Union is set to start free-trade talks with Tunisia, as trade with Moscow reached about $3.2bn in 2025, driven by Russian wheat, barley and sunflower oil and Tunisia’s olive oil, seafood and dates. Maghreb Coordination: Algeria and Tunisia agreed to hold a summit soon to strengthen cooperation on trade, energy, transport and border security, with a focus on Sahel risks and irregular migration. Tourism Marketing: Tunisia boosted its presence in the Chinese tourism market at ITB China 2026 in Shanghai, meeting tour operators and digital platforms to build partnerships and raise visibility. Water Infrastructure in Gafsa: Two AfDB-financed drinking-water projects in Sidi Aïch (El Kerba and El Aouansia) are completed, targeting 1,990 subscribers with reservoirs, pumping stations and new connections. Business & Innovation: Tunisia’s women-led tech startups and the Startup Act are highlighted as key drivers of inclusive innovation across AI, fintech and digital commerce. Industrial Benchmark: The AfDB’s Africa Industrialisation Index places Morocco first, with Tunisia among the leading industrial economies.