A demonstration in Tunis. Tunisia is in a grip of political turmoil and is seeking $4 billion in assistance from the IMF to cope with an economic crisis. AFP
A demonstration in Tunis. Tunisia is in a grip of political turmoil and is seeking $4 billion in assistance from the IMF to cope with an economic crisis. AFP
A demonstration in Tunis. Tunisia is in a grip of political turmoil and is seeking $4 billion in assistance from the IMF to cope with an economic crisis. AFP
A demonstration in Tunis. Tunisia is in a grip of political turmoil and is seeking $4 billion in assistance from the IMF to cope with an economic crisis. AFP

Tunisia taps into strategic reserves to meet domestic demand for petroleum products


Fareed Rahman
  • English
  • Arabic

Tunisia has begun to use its strategic reserves of petroleum products as it faces a “weekly war” to meet local demand amid the country's worst economic and financial crisis, exacerbated by a rise in global energy and commodity prices.

The North African country is hoping its reserves can bridge the supply shortfall, Rachid Ben Dali, director general of the Hydrocarbons Department at the Ministry of Energy, told state news agency Tunis Afrique Presse on Wednesday.

“This situation is very delicate and represents a weekly war,” Mr Ben Dali said, referring to the scarcity of oil supplies.

The state treasury is under pressure due to its current financial situation, he said.

Tunisia is facing mounting debt, a widening fiscal deficit and high inflation, in addition to political turmoil.

It is seeking $4 billion in assistance from the International Monetary Fund to help it stabilise its economy. Earlier this month, the lender signalled its readiness to engage in discussions with the North African country but called on Tunis to initiate reforms derailed by political instability.

The country, which is struggling with a steep rise in food prices, has struggled to pay for grain imports. The World Bank this week approved a $130 million loan to help the country pay for wheat imports and buy barley for livestock.

Mr Ben Dali said that the current consumption of petroleum products in the country was about 90,000 barrels per day, while the production capacity of the Tunisian Company for Refining Industries was 32,000 bpd.

The estimated shortfall of 58,000 bpd is being covered by the strategic reserves.

Tunisian laws on petroleum products require operators to build, hold and maintain reserve stocks of petroleum products — gas and petrol — for 60 days while for other products, the minimum time frame is 30 days, he said.

Halfaouine market near central Tunis. Tunisia is facing a steep rise in food prices. AFP
Halfaouine market near central Tunis. Tunisia is facing a steep rise in food prices. AFP

“Because of the significant international demand for petroleum products, the sellers of these materials are currently requesting immediate payment … despite the country's financial situation,” he said.

That political instability and deteriorating economy led Fitch Ratings to cut Tunisia’s rating in March to “CCC”, from “B-", seven notches below investment grade and on par with El Salvador and Ethiopia.

The rating downgrade denotes a very high level of default risk relative to other issuers or obligations, mainly due to heightened fiscal and external liquidity threats.

Tunisia’s economic outlook remains highly uncertain as the economic rebound in 2021 was relatively moderate.

The IMF expects Tunisia's economy to grow 2.2 per cent this year and inflation to rise to 7.7 per cent. The World Bank estimates GDP growth of 3 per cent this year.

Tunisia’s government debt rose to 79.2 per cent of GDP in 2021, according to government estimates, lower than the 85.6 per cent initially projected in the 2021 budget.

However, the debt trajectory moving forward is less favourable, given the expected widening of the deficit in 2022 and worsening of the real growth interest rate differential, according to Tellimer Research, which expects central government debt to rise sharply to about 90 per cent of GDP this year.

UAE currency: the story behind the money in your pockets
While you're here ...

Damien McElroy: What happens to Brexit?

Con Coughlin: Could the virus break the EU?

Andrea Matteo Fontana: Europe to emerge stronger

Blackpink World Tour [Born Pink] In Cinemas

Starring: Rose, Jisoo, Jennie, Lisa

Directors: Min Geun, Oh Yoon-Dong

Rating: 3/5

The specs

A4 35 TFSI

Engine: 2.0-litre, four-cylinder

Transmission: seven-speed S-tronic automatic

Power: 150bhp

Torque: 270Nm

Price: Dh150,000 (estimate)

On sale: First Q 2020

A4 S4 TDI

Engine: 3.0-litre V6 turbo diesel

Transmission: eight-speed PDK automatic

Power: 350bhp

Torque: 700Nm

Price: Dh165,000 (estimate)

On sale: First Q 2020

Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30 

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Tips from the expert

Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.

  1. Sellers should focus on providing high-quality used goods at attractive prices to buyers.
  2. It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
  3. Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
  4. Be creative and look around your home for valuable items that you no longer need but might be useful to others.
Tips for used car buyers
  • Choose cars with GCC specifications
  • Get a service history for cars less than five years old
  • Don’t go cheap on the inspection
  • Check for oil leaks
  • Do a Google search on the standard problems for your car model
  • Do your due diligence. Get a transfer of ownership done at an official RTA centre
  • Check the vehicle’s condition. You don’t want to buy a car that’s a good deal but ends up costing you Dh10,000 in repairs every month
  • Validate warranty and service contracts with the relevant agency and and make sure they are valid when ownership is transferred
  • If you are planning to sell the car soon, buy one with a good resale value. The two most popular cars in the UAE are black or white in colour and other colours are harder to sell

Tarek Kabrit, chief executive of Seez, and Imad Hammad, chief executive and co-founder of CarSwitch.com

MATCH INFO

Manchester City 2 (Mahrez 04', Ake 84')

Leicester City 5 (Vardy 37' pen, 54', 58' pen, Maddison 77', Tielemans 88' pen)

Man of the match: Jamie Vardy (Leicester City)

Third Test

Result: India won by 203 runs

Series: England lead five-match series 2-1

UAE currency: the story behind the money in your pockets
Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
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%3Cp%3E%3Cstrong%3EDeveloper%3A%20%3C%2Fstrong%3EMax%20Inferno%3Cbr%3E%3Cstrong%3EConsoles%3A%3C%2Fstrong%3E%20PC%2C%20Mac%2C%20Nintendo%20Switch%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%26nbsp%3B%3C%2Fp%3E%0A
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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Profile Idealz

Company: Idealz

Founded: January 2018

Based: Dubai

Sector: E-commerce

Size: (employees): 22

Investors: Co-founders and Venture Partners (9 per cent)

COMPANY PROFILE

Name: Grubtech

Founders: Mohamed Al Fayed and Mohammed Hammedi

Launched: October 2019

Employees: 50

Financing stage: Seed round (raised $2 million)

 

FIXTURES

Thu Mar 15 – West Indies v Afghanistan, UAE v Scotland
Fri Mar 16 – Ireland v Zimbabwe
Sun Mar 18 – Ireland v Scotland
Mon Mar 19 – West Indies v Zimbabwe
Tue Mar 20 – UAE v Afghanistan
Wed Mar 21 – West Indies v Scotland
Thu Mar 22 – UAE v Zimbabwe
Fri Mar 23 – Ireland v Afghanistan

The top two teams qualify for the World Cup

Classification matches
The top-placed side out of Papua New Guinea, Hong Kong or Nepal will be granted one-day international status. UAE and Scotland have already won ODI status, having qualified for the Super Six.

Thu Mar 15 – Netherlands v Hong Kong, PNG v Nepal
Sat Mar 17 – 7th-8th place playoff, 9th-10th place playoff

While you're here

Coal Black Mornings

Brett Anderson

Little Brown Book Group 

THE BIO

Born: Mukalla, Yemen, 1979

Education: UAE University, Al Ain

Family: Married with two daughters: Asayel, 7, and Sara, 6

Favourite piece of music: Horse Dance by Naseer Shamma

Favourite book: Science and geology

Favourite place to travel to: Washington DC

Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.

WandaVision

Starring: Elizabeth Olsen, Paul Bettany

Directed by: Matt Shakman

Rating: Four stars

THE%20SPECS
%3Cp%3EBattery%3A%2060kW%20lithium-ion%20phosphate%3Cbr%3EPower%3A%20Up%20to%20201bhp%3Cbr%3E0%20to%20100kph%3A%207.3%20seconds%3Cbr%3ERange%3A%20418km%3Cbr%3EPrice%3A%20From%20Dh149%2C900%3Cbr%3EAvailable%3A%20Now%3C%2Fp%3E%0A
COMPANY%20PROFILE%20
%3Cp%3EName%3A%20DarDoc%3Cbr%3EBased%3A%20Abu%20Dhabi%3Cbr%3EFounders%3A%20Samer%20Masri%2C%20Keswin%20Suresh%3Cbr%3ESector%3A%20HealthTech%3Cbr%3ETotal%20funding%3A%20%24800%2C000%3Cbr%3EInvestors%3A%20Flat6Labs%2C%20angel%20investors%20%2B%20Incubated%20by%20Hub71%2C%20Abu%20Dhabi's%20Department%20of%20Health%3Cbr%3ENumber%20of%20employees%3A%2010%3C%2Fp%3E%0A

Engine: 3.5-litre V6

Transmission: eight-speed automatic

Power: 290hp

Torque: 340Nm

Price: Dh155,800

On sale: now

If you go

The flights
Emirates and Etihad fly direct to Nairobi, with fares starting from Dh1,695. The resort can be reached from Nairobi via a 35-minute flight from Wilson Airport or Jomo Kenyatta International Airport, or by road, which takes at least three hours.

The rooms
Rooms at Fairmont Mount Kenya range from Dh1,870 per night for a deluxe room to Dh11,000 per night for the William Holden Cottage.

Boston%20Strangler
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Updated: June 30, 2022, 10:10 AM`