The public debt of Tunisia reached 84.9% of GDP in 2024, amid intensive borrowing and a restructuring of financing sources.
The recent trajectory of Tunisian public finances highlights a sustained reliance on debt since 2021, with 71 loan agreements signed for a total amount exceeding $6.785 billion between July 2021 and
early 2026, according to official data.
This dynamic is occurring within an environment characterised by limited access to international
markets and the absence of a finalized agreement with the International Monetary Fund.
This volume of borrowing has been accompanied by an increase in the public debt ratio, rising from 67.8% of GDP in 2021 to 84.9% in 2024, before stabilizing at around 82.1% in 2025.
This increase reflects both the accumulation of new financing, the slowdown in economic growth, and the impact of the dinar’s depreciation on debt largely denominated in foreign currency.
This trend has been accompanied by a transformation of the financing structure.
For the first time since independence, domestic debt exceeded external debt in 2024, representing 53.8% of the total compared to 46.2% for the external component.
This development reflects the shift of risk towards the domestic financial system, in a context where international bond issuances have remained suspended since 2019.
This repositioning has direct effects on the economy. Banks’ exposure to the public sector has increased, reducing the share of credit available to businesses.
Between 2018 and 2024, the share of bank assets directed towards the government rose from 12% to 21%, equivalent to approximately 11 billion dinars redirected away from private financing. This phenomenon is accompanied by a decline in the investment rate, which fell to 11.2% of GDP in 2024.
At the same time, debt servicing absorbs a significant portion of public resources. It represents approximately 31% of the state budget in 2025, or nearly one dinar in three allocated to repayments.
Relative to the economy, this burden reaches 14% of GDP, exceeding combined spending on health and education.
Beyond the official figures, the overall exposure appears higher when the commitments of public enterprises are included, estimated at around 40% of GDP, a portion of which is guaranteed by the state.
This expansion of the scope underscores the magnitude of budgetary and financial risks, in a context where a significant share of borrowing finances current needs rather than productive investments.
MK/AK/Sf/fss/as/APA