Tunisia Faces Delicate Economic Phase, Requires Deep and Audacious Reforms
On Monday, May 18, 2026, the Vice-President of the Finance Commission at the Assembly of the People's Representatives (ARP), Deputy Dhafer Sghiri, stated that Tunisia is going through a delicate economic phase that necessitates profound and bold reforms. He estimated that the 2027 Finance Law will be crucial, considering the magnitude of financial and economic challenges facing the state, including the growing gap between revenues and expenditures, as well as rising social and financial pressures.
During his appearance on the Expresso program, Sghiri clarified that the preparations for the next budget are currently underway according to the usual annual mechanisms between the Ministry of Finance and other ministries and public structures. However, he noted that the government has not yet unveiled the main orientations of the future finance law, which places current discussions under the sign of projections and analyses rather than definitive official data.
Possible Complementary Finance Law for 2026
The Vice-President of the Finance Commission indicated that the elaboration of a complementary finance law for 2026 remains under consideration, particularly due to international developments and the rise in oil prices. He explained that the state budget was based on an oil price hypothesis ranging from $63 to $64 per barrel, while current prices are around $85. This discrepancy generates a financial deficit that could require adjustments to the state's overall balances.
Deputy Sghiri emphasized that Tunisia can no longer continue to function with its current economic systems without real reforms. He stated that revising the subsidy system is now inevitable, given the country's difficult financial situation, as social expenditures continue to rise despite a decreasing financial margin.
Moderate Growth and Sectoral Challenges
Sghiri described the 2.6% growth rate recorded in the first quarter of 2026 as "modest" in light of the country's economic challenges. He highlighted that Tunisia needs significantly higher growth rates to truly escape the economic crisis.
He also pointed out that several vital sectors, including phosphate and mining, are still struggling with structural difficulties that directly impact the country's overall economic performance, despite improvements in other sectors such as agriculture and olive oil.
Code of Exchange and Investment: Top Priorities
The Expresso guest concluded his intervention by emphasizing that the current top priorities are the revision of the Code of Exchange and the investment law project. According to him, these two reforms are capable of triggering a genuine turning point for the Tunisian economy by facilitating investment, improving the business climate, and attracting more transfers and investments from Tunisians living abroad.
