On February 23, 2021, the rating agency Moody’s downgraded Tunisia’s credit rating from B2 to B3, while maintaining a “negative” outlook.

Through this decision, Moody’s assessed that Tunisia’s ability to carry out the process of reforms, fiscal consolidation, and the restructuring of the public sector is not guaranteed. This downgrade is also explained by the impact of COVID-19 on the economy and the difficulties associated with Tunisia's debt repayment.

As for the negative outlook, Moody’s is doubtful about Tunisia’s ability to maintain the same level of access to international financial markets under favorable conditions.

Furthermore, the IMF described the situation in Tunisia as follows :

• A 8.2% decrease in GDP in 2020, indicating a significant economic slowdown.
• An increase in the unemployment rate to 16.2% by September.
• A decrease in inflation due to reduced domestic demand and lower fuel prices.
• A reduction in the current account deficit to 6.8% of GDP, driven by lower import demand.
• An increase in the budget deficit to 11.5% of GDP. Tax revenues have declined, and additional public sector hiring (mainly in health due to COVID-19) has pushed the public sector wage bill to 17.6% of GDP, one of the highest salary rates in the world.