Washington, May 17, 2016 – The World Bank Group’s Board of Executive Directors endorsed today the new five-year strategy of support that will provide , especially for young people, women and the regions that have been left behind. to continue undertaking bold economic reforms to stimulate investments, especially in underdeveloped regions.
The new CPF is based on three main goals:
- Complete the economic reforms initiated following the 2011 revolution to consolidate Tunisia’s macro-economic stability while improving the business environment for private sector driven job creation and innovation;
- , in terms of economic opportunities and living standards;
- Support the vulnerable segments of society, and , through more transparent and accountable government institutions.
“Our strategy aims to support Tunisia’s efforts to transform its successful political transition into strong social and economic outcomes for its citizens,” said Marie Francoise Marie-Nelly, World Bank Country Director for the Maghreb. “A critical element in this process is a new social contract, based on citizen’s confidence in the government’s ability to maintain a level economic playing field and access to quality services for all”.
Along with working closely with the government in the preparation of the new five-year strategy, the Bank consulted with a broad cross section of Tunisian society. Consultations were held across the country, including in underdeveloped regions, and involved academia, civil society organizations, the private sector and young people. The feedback received helped inform both the approach and programs of the CPF.
“While our partnership has entered a new phase, we remain focused on helping Tunisia realize its immense potential,” said Eileen Murray, World Bank Country Manager for Tunisia. “This is especially true of the country’s young people, for whom we will support educational reforms, to ensure they are learning relevant skills, and changes to the business environment, to provide the opportunities for their energy and creativity to drive the economy.”
The CPF was developed in collaboration with the International Finance Corporation (IFC), the World Bank’s private sector arm, and the Bank Group’s Multilateral Investment Guarantee Agency, which insures against political risk. The Partnership Framework will be implemented in close coordination with development partners, and through a combination of the existing World Bank “portfolio and a series of new operations. The latter will include a program of budget support operations to underpin the momentum on key reforms such as the Investment Code, Competition and Bankruptcy legislation, and to promote a more investor friendly business environment. This program will be complemented by investment operations targeted to specific sectors.
"Governments around the world, including Tunisia, are increasingly facing fiscal constraints,” said Mouayed Makhlouf, IFC Director for the Middle East and North Africa. “With favorable business regulations, the government could attract more investment. Over the next five years, IFC will continue to facilitate private sector investments in Tunisia to create jobs, especially for youth, and promote inclusive and competitive economic growth."