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Tunisia - Competitiveness Support Programme II (PAC II) - Completion Report

26-sep-2008

Competitiveness Support Programme II (PAC II) was in keeping with the continuity of the Bank’s operations aimed at supporting the efforts of the Tunisian authorities concerning their strategy for the reform of the Tunisian economy with a view to its integration into the Euro-Mediterranean Free Trade Zone further to the signing of the Association Agreement with the European Union (AAEU). PAC II was a follow-up to PAC I, whose overall objective was to consolidate the bases for a competitive economy and allow sustainable growth of the Tunisian economy by making capital allocation more effective, strengthening the capital base of banking sector institutions, and modernizing the regulatory framework of the financial sector with a view to improving its intermediation capacities. The programme comprised 19 measures broken down among the following five components: (i) restructuring/modernization of the Banking system; (ii) related reform of public and parastatal enterprises; (iii) revitalization of the Treasury securities market; (iv) modernization of monetary management instruments; and (v) strengthening of insurance companies and OPCVM (Undertakings for Collective Investment in Transferable Securities (UCITS)). PAC I was implemented satisfactorily in 2001. In the same way as PAC I, PAC II was designed as a joint programme with a common matrix of measures and disbursement conditions, with the World Bank and the European Union

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