Tunisian president announces constitutional referendum to be held in July 2022
December 14, 2021, 8:45 am

Tunisian president announces constitutional referendum to be held in July 2022

Kais Saied-Tunisia president-Facebook page

The Guardian reported, the Tunisian president, Kais Saied, has announced a constitutional referendum to be held next July, a year to the day after he seized broad powers in moves his opponents call a coup.

Laying out the timeline for his proposed political changes in a televised speech, Saied said the referendum would take place on 25 July, following an online public consultation starting in January. Parliamentary elections would follow at the end of 2022.

Saied’s announcement of a path out of the crisis has been awaited since he suspended parliament, dismissed the prime minister and assumed executive authority.

Flag of Tunisia

While those moves appeared very popular after years of economic stagnation and political paralysis, opposition to his stance has sharpened, including from political parties and other major domestic players that were initially supportive.

The delay in detailing the path forward, and the two months it took Saied to name a new prime minister, have added to concerns about Tunisia’s ability to address an urgent crisis in its public finances.

The referendum date is Tunisia’s republic day and the anniversary of his sudden intervention, which has cast doubt on the north African country’s democratic gains since the 2011 revolution that triggered the “Arab spring” revolts.

Saied in September brushed aside most of the 2014 democratic constitution to say he could rule by decree during a period of exceptional measures, and promised a dialogue on further changes.

He said in Monday’s speech that parliament would remain suspended until Tunisians vote for a replacement assembly on 17 December 2022, the date he has declared to be the official anniversary of the revolution.

The anniversary had previously been marked on 14 January, the date when autocratic ruler Zine el-Abidine Ben Ali fled the country, after agreement among political factions and civil society groups that took part in the uprising.

“We want to correct the paths of the revolution and history,” Saied said in his speech, after lambasting critics of his intervention.

Saied said he would appoint a committee of experts to draft a new constitution, to be ready by June ahead of the referendum.

A clear pathway to ordinary constitutional order may be important for Tunisia to secure international financial assistance as it struggles to finance its fiscal deficit and next year’s budget as well as debt repayments.

It has opened talks with the International Monetary Fund, but major donors have indicated they are not willing to step in without what they have called an “inclusive” approach.

A former minister, said in a televised interview that Saied’s “violation of the constitution” amounted to a coup, there was no immediate comment from Ennahda, the biggest party in parliament, or from the powerful UGTT labour union. Mohammed Abou.

Source: theguardian

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.