Tag: Business

President Kais Saied, on Friday, visited the headquarters of the Central Bank of Tunisia (BCT), where he met with Governor Marouane El Abassi and Deputy Governor Nadia Kamha to discuss the country's economic and financial situation, the bank's independence and its role in financing the economy. Saied stressed the need to develop the legal text regulating the activities of the Central Bank in order to fulfil its role as an independent public institution, but not independent from the State, as financial independence does not mean independence from the State. The governor emphasised the need for the central bank's departments to comply with the state's policies, pointing out that the provisions of Law 58 on the bank's independence are better than the law issued in 2016, especially Chapter 25, which mainly serves the interests of commercial banks. He considered that the previous structure of the Central Bank was not homogeneous, as it included a large number of departments, which led to the waste of public funds.

Source: Agence Tunis Afrique Presse

President Kais Saied stressed on Friday the need for the Tunisian Financial Analysis Committee to trace funds and transfers and to combat hidden financing. During his visit to the headquarters of the Central Bank of Tunisia and his meeting with Governor Marouane El Abbassi, Saied urged the committee to play its role as required and to stop talking on a daily basis about suspicions of corruption and that the extortion of investors has at some point led to the flight of investors. In a related context, he stressed the need to confront the lobbies that question the state and say "that Tunisia is in a state of bankruptcy" and that "one of the Central Bank's tasks is to refute these claims". He said that postal or bank transfers should be monitored by the Central Bank of Tunisia's financial analysis committee, adding that the state will work to eliminate corruption and will not "obey dictates". He noted that monetary policy is still under control at the moment, with foreign exchange reserves covering about 117 days of imports, and that the agreement with the IMF should not be unilateral, but should take into account the humanitarian aspect. Saied pointed out that the ratings given to Tunisia by rating agencies are not based on "innocent" criteria and that the latest ratings have led some in Tunisia to express "joy". It is noteworthy that the meeting lasted more than 40 minutes, according to the video released by the Presidency of the Republic.

Source: Agence Tunis Afrique Presse

Loans granted by the Central Bank of Tunisia (BCT) to the agricultural sector were estimated at TND 3,755.4 million at the end of June 2023, or 4.4% of the total loans granted to the country's other economic sectors (TND 84,639.6 million), according to the latest financial statistics bulletin of the issuing institution. These figures illustrate the importance attached by the authorities to supporting the agricultural sector as a guarantor of food sovereignty, despite the fact that several factors, such as the lack of bank financing and the increase in interest rates, are preventing the agricultural, fishing and livestock sectors from securing the financing they need to successfully carry out their activities. The same source shows that the first sector to receive loans from the BCT is the extractive industry (TND 27,137.1 million), followed by trade, repair of cars and motorcycles (TND 22,874.8 million) and real estate (TND 5,134 million). The hotel and restaurant sector benefited from substantial loans amounting to TND 4,421.9 million. The BCT's financial statistics bulletin reveals an imbalance in the financing of economic sectors, with banks preferring to focus on sectors with limited risk. 61% of the loans granted by the BCT to economic sectors at the end of June 2023 were short-term loans (worth TND 51,284.9 million), as financial institutions prefer to meet the needs of companies in the operating sector, to the detriment of investment, which requires long-term loans.

Source: Agence Tunis Afrique Presse

President Kais Saied, stressed on Friday that the disruption of investment in Tunisia is due to the actions of administrations linked to some parties, entities and lobbies, and not to a lack of laws and legislation. During a meeting with the Governor of the Central Bank of Tunisia, Marouane El Abassi, at the Central Bank's headquarters, he pointed out that the lack of investment in Tunisia is not the result of a lack of legal texts, but of a problem of legal certainty that leads investors to demand Tunisia as an investment destination. Saied discussed several issues with Abassi, including the independence of the Central Bank of Tunisia, the role of the Tunisian Financial Analysis Committee and the Central Bank's financing of the national economy. In a related context, he stressed the need to reassure investors and encourage them to invest in Tunisia, especially as their reluctance to come is due to blackmail by some administrations. He considered that in order to encourage investment, investors should not have to wait for a long time during legal disputes. This is in addition to the existence of corruption in several administrations, which prevents the promotion of investment, and the fact that "everyone who has a share of power turns it into a commodity". Saied stressed that investors are being blackmailed by those who talk about democratic transition and that the relevant structures should play their role in fighting corruption and following up on "lobbies". Commenting on the situation in Tunisia, he added that the state will not be run through "Facebook" pages, leaks or social networking sites. Saied noted the importance of work and wealth creation in Tunisia, and of not disturbing entrepreneurs and investors. He recounted the experience of a woman who had created a communitarian company but had been blocked by all the big companies. The President of the Republic concluded by saying that the state is run by everyone working together. "Those who are afraid to make a decision for fear of being seen as belonging to one person should give up this feeling".

Source: Agence Tunis Afrique Presse

Residents of Okakarara and surrounding communities have since Monday flocked to the Ministry of Home Affairs, Immigration, Safety, and Security (MHAISS) stand at the Okakarara Annual Trade Fair to obtain new identity (ID) cards.

The Ministry at its office in Okakarara, does not capture ID cards but only offers services such as birth registrations, notification of birth, and late registration of birth, as well as duplicates of missing birth certificates, ID duplicates, and passport issuance.

Speaking to Nampa, Amanda Sikuvi from the Ministry said the Ministry noticed the people's need to acquire this service and chose to participate in the Okakarara Annual Trade Fair and to allow residents to apply for damaged or lost ID cards.

''The Ministry desired to provide services to the residents of Okakarara because the sub-regional office that we have here does not capture ID cards and most of the larger services that the Ministry provides are only available in Otjiwarongo or either at the main office in Windhoek,'' she explained.

Sikuvi stated that hundreds of inhabitants had been arriving since Monday, the majority of whom required the capture of ID cards and ranged from 16 years to older.

She encouraged those in need of IDs to bring along the necessary documents, such as a full birth certificate for first-time ID card applicants. If the ID card is lost and persons want to apply for a new ID card, they must present N.dollars 100 to apply for a duplicate.

‘’Namibians who want the new ID card but have their old card should simply declare that they want the new card, and if the card is 20 years or older, they do not have to pay for it,” she explained.

She encouraged locals to take advantage of the opportunity, and obtain their outstanding documents, adding that once you apply for an ID card or passport, it would be ready in two days.

Source: The Namibian Press Agency