Chapter 1

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Acknowledgments The report is a product of a team consisting of Linda Likar economic support). The report was laid out by Mark Bock (Mission Leader and Task Manager), Norman Loayza of American Writing Corporation. Several working papers (Macroeconomic Policy and Policies for Higher Growth), (listed in the bibliography) were prepared by staff from the Aziz Bouzaher and Sarah Forster (Environmental Issues), sector divisions and by Tunisian consultants. Valuable Mohamed Lahouel (Competition Policies) and Guillermo inputs and comments were received by Laurie Effron and Hakim (Labor Policies), Laura Burakreis and Richard David Tarr. Brun (Banking and Financial Sector Reforms), Fayqal The cooperation of the Government of Tunisia, particu- Lakhoua (Role of the State in the Economy), and Juan larly the Ministry of Economic Development and the Institut Lopez (Comparator Country Analysis and Macro- d'Economie Quantitative, is gratefully acknowledged. vi.i
Abbreviations, acronyms, and definitions ANPE Agence Nationale de Protection de l'Environnement (Environment National Agency) BCT/CBT Banque Centrale de Tunisie (Central Bank of Tunisia) BNA Banque Nationale Agricole (Agricultural National Bank) CDs Certificates of Deposits (Certificats de Depot) CNSS Caisse Nationale de Seurite Sociale (National Social Security Fund) CPI Consumer Price Index (Index des Prix a la Consommation) CTN Compagnie Tunisienne de Navigation (Tunisian shipping company) EPA Etablissement Public Administratif (administrative entity) EPIC Etablissement Public Industriel et Commercial (quasi-commercial entity) EU European Union (Union Europeenne) FDI Foreign Direct Investment (Investissement Direct Etranger) FODEP Fonds de Depollution (Anti-Pollution Fund) FTA Free Trade Agreement (Accord de Libre-Echange) FTZ Free Trade Zone (Zone de Libre-Echange) GATT General Agreement on Tariffs and Trade (Accord G6neral sur les Tarifs Douaniers et le Commerce) GDI Gross Domestic Investment (Investissement Interieur Brut) GOT Government of Tunisia (Gouvemement de Tunisie) IDF Institutional Development Fund (Fonds de Developpement Institutionnel) INNORPI Institut National pour la Normalisation des Produits Industriels (National Institute for Industrial Products Normalization) INS Institut National de Statistiques (National Institute of Statistics) MEAT Ministere de l'Environnement et de l'Amenagement du Territoire (Ministry of Enviromnent and Regional Planning) MMR Money Market Rate (Taux du Marche Monetaire) MOA Ministry of Agriculture (Ministere de l'Agriculture) MOH Ministry of Health (Ministere de Ia Sante) NIE Newly Industrializing Economies (Economies Nouvelement Industrialis&es) OC Office des C&eales (National Agency for Cereal Marketing) OECD Organization for Economic and Cooperation and Development (Organisation de Cooperation et de Dve1oppement Economnique-OCDE) ONAS Societe Nationale d'Assainissement (National Sewerage Company) ONH Office National de l'Huile (National Agency for Edible Oil) O&M Operation and Maintenance (Exploitation et Entretien) QRs Quantitative Restrictions (restrictions quantitatives) SICAF Societe d'Investissement a Capital Fixe (dosed-end mutual fund) SICAV Societe d'Investissement a Capital Variable (open-end mutual fund) SME Small-Medium Sized Enterprises (Petites et Moyennes Entreprises) SONEDE Socicte Nationale d'Exploitation et de Distribution des Eaux (National Water Supply Utility Company) STAM Societe Tunisienne d'Affretement Maritime (Tunisian cargo-handling company) ix
Page 1: Public Disclosure Authorized Public
Page 4 and 5: Copyright i 1996 The International
Page 6 and 7: Education policies 20 Basic educati
Page 8 and 9: 2.4 Demand for telephone connection
Page 12 and 13: STIL Soci&e Tunisienne d'Industrial
Page 15 and 16: Executive summary Elements of Tunis
Page 17 and 18: ments and controlling the expansion
Page 19 and 20: Progress in strengthening market fo
Page 21 and 22: investment banking, restructure som
Page 23 and 24: Chapter 1 Macroeconomic policy The
Page 25 and 26: Box .I Monetary policy Instruments,
Page 27 and 28: TALE 1.3 Main monetary Indicators 1
Page 29 and 30: national markets and ensure the sus
Page 31 and 32: domestic production, and inducing a
Page 33 and 34: was actually higher than that for t
Page 35: public banks and enterprises reveal
Page 38 and 39: (10 percent), and Malaysia (12 perc
Page 40 and 41: Infrastructure services: Provision
Page 42 and 43: on a pilot basis and is studying th
Page 44 and 45: or in the public sector. The Bank i
Page 46 and 47: onmental issues and their relation
Page 48 and 49: several industrial zones. Despite t
Page 50 and 51: vocational education more relevant
Page 52 and 53: also showed high effective rates of
Page 54 and 55: try an opportunity to accelerate a
Page 56 and 57: BOX 3.2 Free trade zones: Maximizin
Page 58 and 59: largest share of total employment (
Page 60 and 61:
encouraging results and provides us
Page 62 and 63:
ill market and to modernize the leg
Page 64 and 65:
price/earnings ratio of about 25 in
Page 66 and 67:
achieve their intended objectives i
Page 68 and 69:
TABLE 4.2 crisis brought about an 7
Page 70 and 71:
costly process of adjustment, the a
Page 72 and 73:
ented economy The growth of exports
Page 74 and 75:
as a whole, but the related transit
Page 76 and 77:
Land degradation and water scarcity
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TABLE 5.1 Poky otfecdt Short term M
Page 80 and 81:
TABLE 5.2 Complementary reforms (co
Page 82 and 83:
IMF (International Monetasy Fund).
Page 84 and 85:
Statistical Annex TABLE SA. I Exter
Page 86 and 87:
TABLE SA.3 Public sector accounts,
Page 88 and 89:
TABLE Sk6 GNP, output, and governme
Page 90 and 91:
TABLE SA.8 Money, credit, prices, a
Page 92 and 93:
TABLE SA IO Key economic variables,
Page 96:
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