Tunisia's 2026 budget leans on exceptional central bank financing

Tunisia's draft 2026 finance law, circulated in October 2025, sets out the government's intention to borrow exceptionally from the central bank to the tune of about $3.7bn, authorising the Central Bank of Tunisia to finance up to TND 11bn of the state's financing requirements.

The budget estimates total financing needs of around TND 27bn (close to $9.2bn), broadly in line with 2025. Spending is expected to rise about 6% to roughly TND 63.6bn, against projected revenue of TND 52.6bn.

Central bank borrowing began as a temporary measure to ease post-pandemic liquidity pressure and has become a recurring feature of the budget: the government drew $2.3bn from the bank in 2025 to cover maturing debt. Economists warn that monetising the deficit carries inflation risk and pressures the dinar, in a context of limited external financing.