The Tunisian authorities will be able to draw down a further $249m from the $3bn four-year Extend- ed Fund Facility (EFF) following a successful third review of the programme in July 2018. The approv- al by the IMF’s Executive Board brings the total financing so far under the arrangement to about $1.1bn. The loan may also catalyse financing from Tunisia’s other external partners. The IMF said Tuni- sia was strongly committed to a socially-balanced, gradual approach to macroeconomic adjust- ment. It said policy and reform implementation had improved markedly since the second review but added that the success of the authorities’ programme depended on sustained efforts to reduce mac- roeconomic vulnerabilities, ensure adequate social protection, and foster job creation. The main challenge for the months ahead is to make up for the significant delays in lifting long-standing obstacles to growth and addressing large fiscal and external deficits. There was good news from official figures showing Tunisia’s economy grew by 2.8% in the second quarter of 2018, up from 2.5% in the previous quarter. It was the strongest growth rate since the third quarter of 2013. The accelera- tion was underpinned by a revival of Tunisia’s economy, based on agriculture, marketed services and manufacturing industries. Tourism arrivals rose by 30%, phosphate production rebounded strongly, and investment — both foreign and domestic — has shown early signs of picking up.