The Executive Board of the International Monetary Fund (IMF) approved on May 11, 2015—the decision was taken without an Executive Board meeting¹—a 7 month-extension of Tunisia’s Stand-By Arrangement (SBA) to December 31, 2015. The extension will provide time for the Tunisian authorities to implement the policy measures needed to deliver on forward-looking commitments—notably on the banking and fiscal reforms—which will help reduce vulnerabilities and spur higher and more inclusive growth. A mission will visit Tunis in late May 2015 to conduct the Article IV discussions and the 6^th Review under the SBA.

The two-year SBA in the amount of SDR 1.146 billion (about US$1.75 billion, or 400 percent of Tunisia’s quota at the IMF) was approved by the Executive Board on June 7, 2013 (See Press Release No. 13/202). Following the conclusion of the Fifth Review in December 2014, disbursements under the arrangement reached SDR 787.875 million (about $1.15 billion).

¹ The Executive Board takes decisions under its lapse of time procedure when it is agreed by the Board that a proposal can be considered without convening formal discussions.