Day: January 31, 2024

The Tunindex remained stable on Wednesday, January 31, 2024, closing at 8416.46 points. Trading volumes remained low at TND 3.6 million, according to broker Tunisie Valeurs. The ASSAD stock claimed the top spot, experiencing a 4.5% appreciation to TND 0.700 in a transaction volume of TND 11,000. BEST LEASE also showed a positive trend, posting a 4.3% gain and concluding the session at TND 2.200. The leasing company's shares witnessed modest trading, amounting to TND 3,000 for the session. UIB found itself at the bottom of the market. Traded at a modest TND 19,000 , the bank's stock experienced a 1.7% dip, closing at TND 25.520. SIAME was also one of the main losers of the session, falling 1.6% to 3.660 TND on a limited volume of 17,000 TND. The session's most dynamic performer was BIAT. Despite selling pressure, the private bank's shares fell by 1% to 89.100 TND, injecting capital worth 2.3 million TND into the market. Source: Agence Tunis Afrique Presse

The US Embassy in Tunisia and the Ministry of Agriculture announced on Wednesday the official launch of the SURF (Sharing Underutilized Resources with Fishers and Farmers) project, which aims to build the capacity of 9,000 farmers and fishers across the country to cope with climate change. In a statement to TAP on the sidelines of the closing session of the workshop to launch the SURF project in Tunisia, Abderraouf Ajimi, Chief of Staff of the Minister of Agriculture, Water Resources and Fisheries, stressed that this project is part of the State's efforts to combat climate change and adapt the agriculture and fisheries sector to these changes. "The aim of the project is to share under-utilised resources for the benefit of farmers and fishers", he said, pointing out that it is financed by a grant from the US State Department to the tune of 7 million dollars (21.8 million dinars) over a period of 3 and a half years. "Its main objectives are to encourage the adoption of best practices in the agriculture and fisheries sectors, and to set up an early warning system for the management of natural disasters such as forest fires, as well as a system to enhance the value of innovations based on results that can then be marketed and used by farmers", he added. Abderraouf Ajimi said various projects have been proposed within this framework, affecting disadvantaged regions that have been selected on the basis of criteria depending essentially on the level of unemployment, the level of development and the impact of climate change on these regions. "Three sectors have been chosen: olive growing, grains and small-scale fishing", he said, pointing out that a centre of excellence will be set up with the INAT to develop and disseminate knowledge. For his part, US Ambassador to Tunisia, Joey Hood, stressed that this project will support farmers and fishers, as well as business start-ups and cooperatives in the agricultural and fisheries sectors, to enable them to improve their yields and adapt to climate change. 'It will hel p smallholder farmers and fishers increase their operational efficiency and provide beneficiaries with access to new technologies through partnerships with US research institutions," he said, noting that these links will help them develop innovations that will enable them to meet the challenges of climate change. While underscoring the importance of US-Tunisian partnerships such as this one, Ambassador Hood said: "The United States is proud to support Tunisia's vibrant agriculture and fisheries sector, which is creating new jobs and opportunities for small businesses in communities that need them most. Together, we are empowering farmers and fishers, promoting food security, and building resilient communities. This project is just one of many examples of the multifaceted friendship between Tunisia and the United States, which dates back more than two centuries.' For her part, Haifa Ben Saoud, Programme Director of the American organisation Fhi60, which has been based in Tunisia since 2017, stressed that to day's workshop provides a platform to engage key stakeholders in the fisheries, agriculture and forestry sectors, encourage collaboration and facilitate the development of the project's core activities. She explained that the SURF project is being implemented in partnership with the Ministry of Agriculture, Hydraulic Resources and Fisheries, the National Agronomic Institute of Tunisia, FHI360, Action Positive and Virginia Tech to promote sustainable agriculture and fisheries practices in Tunisia. "This includes initiatives to stabilise cereal production in semi-arid regions and to strengthen the resilience of the olive sector through sustainable water management," she said, noting that SURF will help establish a forest fire warning system. For his part, the US Ambassador to Tunisia, Joey Hood, stressed that this project will support farmers and fishermen, as well as business start-ups and cooperatives in the agricultural and fisheries sectors, to enable them to improve their yields and adapt to climate cha nge. "It will help smallholder farmers and fishermen increase their operational efficiency and provide beneficiaries with access to new technologies through partnerships with US research institutions," he said, noting that these links will help them develop innovations that will enable them to meet the challenges of climate change. Underscoring the importance of US-Tunisian partnerships such as this one, Ambassador Hood said: "The United States is proud to support Tunisia's vibrant agriculture and fisheries sector, which is creating new jobs and opportunities for small businesses in communities that need them most. Together, we are empowering farmers and fishermen, promoting food security, and building resilient communities. This project is just one of many examples of the multifaceted friendship between Tunisia and the United States, which dates back more than two centuries. For her part, Haifa Ben Saoud, DoS Portfolio Director FHI 360, a US organisation that has been based in Tunisia since 2017, said to day's workshop provides a platform to engage key stakeholders in the fisheries, agriculture and forestry sectors, encourage collaboration and facilitate the development of the project's core activities. She explained that the SURF project is being implemented in partnership with the Ministry of Agriculture, Water Resources and Fisheries, the National Agronomic Institute of Tunisia, FHI360, Action Positive and Virginia Tech to promote sustainable agriculture and fisheries practices in Tunisia. "This includes initiatives to stabilise grain production in semi-arid regions and to strengthen the resilience of the olive sector through sustainable water management," she said, noting that SURF will help establish a forest fire warning system. Source: Agence Tunis Afrique Presse

President Kais Saied made an unannounced visit to Kasserine governorate on Wednesday evening. During the visit, the President went directly to the headquarters of the National Company of Cellulose and Alpha Paper in Kasserine, the largest public industrial company in the region. Citizens gathered in front of the company on the occasion. Source: Agence Tunis Afrique Presse

The 2024 growth projection for the Middle East and North Africa (MENA) region is revised downward by 0.5% from October forecasts, according to the January 2024 Regional Economic Outlook Update, issued by the International Monetary Fund on Wednesday, titled 'Middle East and North Africa: Conflict Compounding Economic Challenges.' The IMF now projects GDP to grow by 2.9% in 2024 from 'already weak growth of 2.0% in 2023,' down from forecasts of 3.4%. According to the report, various factors are weighing on economic activity, notably the conflict in Gaza. Neighbouring countries-Egypt, Lebanon, and Jordan-also face a challenging outlook. In addition, the heightened security situation in the Red Sea has raised new concerns about the conflict's impact on trade and shipping costs. Decisions by several oil-exporting countries to cut oil production are constraining GDP growth overall, especially in the Gulf Cooperation Council (GCC) countries, even though non-oil activities remain dynamic, the report specifies. T he IMF emphasises the importance of implementing tight policy settings to reduce high levels of debt and significant inflation in certain countries. Regarding inflation, the report highlights its ongoing decline in most MENA economies in line with global trends, except in some parts of the region due to country-specific challenges. In terms of risks, the IMF underscores that uncertainty levels and downside risks have significantly increased in the region since last October, given the unpredictable duration and potential expansion of the conflict. "Should the conflict escalate, a more severe or persistent negative impact on tourism could materialise," reveals the report. Concerning the policy response of public authorities, the IMF indicates that the appropriate response from decision-makers will depend on the countries' exposure to the conflict, existing vulnerabilities, and policy space. Where the impact of the conflict is acute or risks are elevated, crisis management and precautionary policies will be crucial. Structural reforms to boost growth and strengthen resilience in both the near and longer terms remain critical, the report concludes. Source: Agence Tunis Afrique Presse

The first meeting of the Higher Investment Council in 2024 was held on Wednesday under the chairmanship of Prime Minister Ahmed Hachani. It focused on implementing the council's previous decisions and reviewing a number of suspended real estate projects. During the meeting, participants proposed a number of solutions to the problems hindering the implementation of investment projects. The Prime Minister stressed the need to hold these meetings on a regular basis in order to achieve the goals set by the Council and boost investment in the country, which is considered the main engine for economic growth and social and economic development at the national and regional levels. The meeting was attended by the ministers who are permanent members of the Council and ministers who are non-permanent members concerned with the files presented. Source: Agence Tunis Afrique Presse

Minister of Foreign Affairs, Migration and Tunisians Abroad, Nabil Ammar, met Wednesday with Omani Minister of Commerce, Industry and Investment Promotion, Qais bin Mohammed Al Yousef, on the occasion of his visit to the Sultanate of Oman at the head of a delegation participating in the 16th session of the Joint Commission. The two ministers stressed that the strong and close ties between Tunisia and the Sultanate of Oman and the excellent political relations between them are the best incentives to develop the various aspects of bilateral cooperation. The latter, they pointed out, remains below the hoped-for level and does not reflect the reality of the possibilities and opportunities available in the two countries, according to a statement issued by the Ministry of Foreign Affairs. In this regard, the Foreign Minister stressed the importance of overcoming all difficulties that prevent the upgrading of the format of trade exchange and the need to attach special importance to cooperation in the field of inv estment. This includes the activation of the proposal to set up a Tunisian-Omani joint investment fund, as well as the intensification of meetings between economic operators from the private sector to discuss the possibilities of establishing partnerships in a number of promising sectors. For his part, the Omani Minister of Trade, Industry and Investment Promotion reaffirmed his country's readiness to discuss all ways of promoting cooperation in the fields of industry, trade, investment, renewable and clean energy, especially green hydrogen. During the meeting, it was agreed to form a joint working group of experts and specialists in these areas of cooperation to find ways to overcome difficulties, develop bilateral trade and explore opportunities available in both countries. Source: Agence Tunis Afrique Presse