The Executive Board of the International Monetary Fund (IMF) has approved a 7 month-extension of Tunisia’s Stand-By Arrangement (SBA) to December 31, 2015.

According to a statement by the IMF, the extension will provide time for the Tunisian authorities to implement the policy measures needed to deliver on forward-looking commitments - notably on the banking and fiscal reforms - which will help reduce vulnerabilities and spur higher and more inclusive growth.

"A mission will visit Tunis in late May 2015 to conduct the Article IV discussions and the 6th Review under the SBA," the statement said.

The two-year SBA in the amount of SDR 1.146 billion (about US$1.75 billion, or 400 percent of Tunisia’s quota at the IMF) was approved by the Executive Board on June 7, 2013.

Following the conclusion of the Fifth Review in December 2014, disbursements under the arrangement reached SDR 787.875 million (about $1.15 billion).