Tunisia says it will raise nearly €2bn in 2026, use reserves and central-bank financing as IMF talks stall

On July 1, 2026 Tunisia announced plans to raise nearly €2 billion on international markets in 2026, intends to settle a July 2026 €700–750m Eurobond from FX reserves, and that parliament authorised the central bank to finance the budget up to 7 billion dinars at zero interest.

If markets price in higher sovereign funding risk because the IMF staff-level deal (2022) was never approved, yields on Tunisias outstanding eurobonds could rise, especially at short-to-intermediate tenors where immediate refinancing needs concentrate. Using FX reserves to meet a July maturity reduces liquid buffers, and direct central-bank financing may stoke inflation expectations and weaken local-currency credit conditions, indirectly pressuring Tunisian corporate credit spreads.

Whether the July 2026 eurobond is paid from reserves and the outcome of any 2026 international bond syndication.