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Price of foodstuffs to go up in Tunisia following protests by farmers

Published

3 years ago

May 11, 2022

The Tunisia government says it will raise the prices of basic foods items like milk, eggs and poultry following days of protests by farmers against a rise in the price of barley and animal feed due to the war in Ukraine and an increase in energy costs.

The announcement was made on Wednesday morning by Agriculture Minister Mahmoud Elyess Hamza who said the price increase is likely to take effect as early as Thursday.

“We will announce on Thursday May 12 a price review for eggs, poultry and milk to ensure the profit margin for producers.

“The Tunisian consumer must support the Tunisian farmer, because the farmer is a pillar of Tunisian food security in this delicate situation around the world,” Hamza said.

The farmers began the nationwide protests on Monday and in several areas, lamented the high cost of animal feed, with some cutting roads, while others poured milk in the streets and threatened to cut production.

The North African country which has been in a deep financial crisis in the past two years, has been badly hit by a rise in global wheat prices resulting from the Russian war in Ukraine.

The Economy Minister Samir Saied had in March, attributed the impact of wheat and oil price rises on Tunisia’s budget saying it will be slightly less than about $1.7 billion this year.

Trade unions officials had last week, warned that the wave of repeated price increases and a fall in purchasing power amid a severe economic crisis could lead to protests the authorities may not be able to control.

Last month, the government raised the price of fuel by 5%, making it the third hike this year, with the energy ministry saying the country will raise local fuel prices every month this year by no less than three percent, which may mean an increase of at least 30 percent by the end of 2022.

Related Topics:Featured Foodstuff Protest Tunisia

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IMF mission concludes 4th loan program assessment in Egypt

Published

6 hours ago

November 22, 2024

Ifeoluwa Dada

Following the completion of a recent visit to Egypt, the International Monetary Fund (IMF) has announced that its mission had achieved significant strides in policy talks aimed at concluding the fourth review of the IMF loan program.

The review is the fourth in Egypt’s most recent 46-month IMF loan program, which was authorised in 2022 and increased to $8 billion this year following an economic crisis characterised by high inflation and chronic foreign exchange shortages. It may unleash more than $1.2 billion in financing.

Along with reaffirming its commitment to maintain a flexible exchange rate system, the IMF stated that Egypt “has implemented key reforms to preserve macroeconomic stability,” including the unification of the currency rate that facilitated imports.

Earlier on Wednesday, Egypt’s Prime Minister Mostafa Madbouly said Cairo has asked the IMF to modify the targets for the programme not only for this year, but for its full duration, he added without giving more details.

“Discussions will continue over the coming days to finalize agreement on the remaining policies and reforms that could support the completion of the fourth review,” the IMF added in its statement.

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Kenya seeks $750m from World Bank, obtains $200m from AfDB— Official

Published

2 days ago

November 20, 2024

Ifeoluwa Dada

The head of debt management for the finance ministry told Reuters that Kenya had obtained a $200 million loan from the African Development Bank (AfDB) and was negotiating a fresh $750 million loan with the World Bank.

After being forced to abandon proposed tax rises costing more than 346 billion shillings ($2.68 billion) in June due to fatal demonstrations, the East African nation’s administration, which has been grappling with significant debt, has been frantically seeking fresh funding.

The Finance Ministry’s public debt management office director general, Raphael Owino, told Reuters that the IMF’s October clearance of the seventh and eighth reviews, which opened the door for a $606 million loan tranche, had aided the ministry’s talks for more loans.

“The World Bank is coming on board, riding on the back of IMF receipts,” Owino said. “The AfDB is already on board.”

The discussions for more assistance, which came under the World Bank’s “Development Policy Operations” (DPO) with the government, were confirmed by a representative at the organization’s Kenya office.

“The amount of the current (loan) is yet to be determined. The amount will also depend on the implementation of the policy reforms agreed upon,” the spokesperson told Reuters, adding that past DPO loans averaged about $750 million.

In May, the World Bank approved the latest round of DPO loans, totalling $1.2 billion.

According to a statement made last month by Finance Minister John Mbadi, Kenya has set a foreign borrowing goal of 168 billion shillings for the fiscal year ending in June 2025.