Tunisia
Cover -- CONTENTS -- CONTEXT: RESILIENCE IN A DIFFICULT POLITICAL TRANSITION AND A DETERIORATING SECURITY ENVIRONMENT -- RECENT DEVELOPMENTS: WEAK ECONOMIC ACTIVITY AMID HIGH VULNERABILITIES -- OUTLOOK FRAUGHT WITH RISKS -- THE REFORM AGENDA -- A. Achieving Macroeconomic Stability -- B. Achieving Higher and More Inclusive Growth -- C. Protecting the Most Vulnerable -- PROGRAM ISSUES AND MODALITIES -- STAFF APPRAISAL -- BOXES -- 1. Tunisia's Journey: From the Arab Spring to a New Democracy -- 2. Authorities' Response to Policy Recommendations in Previous Article IV Consultations -- 3. Tourism Sector: Economic Impact of the Recent Terror Attacks -- 4. Tunisia's Potential Growth -- 5. Public Sector Employment and Wages -- 6. Inclusiveness and Growth Constraints -- 7. Why Focus on Public Banks ? -- FIGURES -- 1. Recent Economic Developments, 2007-15 -- 2. External and Financial Indicators, 2007-15 -- TABLES -- 1. Selected Economic and Financial Indicators, 2011-16 -- 2. Balance of Payments, 2011-20 -- 3. External Financing Needs, 2012-20 -- 4a. Central Government Financial Operations, 2012-16 (In millions of dinars) -- 4b. Central Government Financial Operations, 2012-20 (In percent of GDP) -- 5. Monetary Survey (Financial System), 2010-16 -- 6. Central Bank Balance Sheet, 2010-16 -- 7. Financial Soundness Indicators of the Banking Sector, 2008-15 -- 8. Access and Phasing under the Stand-By Arrangement, 2013-15 -- 9. Illustrative Medium-Term Growth Scenario, 2011-20 -- 10. Indicators of Fund Credit, 2012-20 -- ANNEXES -- I. External Sector Assessment -- II. Public Debt Sustainability Analysis -- III. External Debt Sustainability Analysis -- IV. Tunisia's Inclusiveness Issues -- V. Fair Taxation in Tunisia -- APPENDIX -- I. Letter of Intent -- Attachment I: Memorandum on Economic and Financial Policies.