The European Union (EU) has paid out a promised €150 million ($162 million) budgetary support package to Tunisia on Monday.

The funds are intended “to support Tunisia in stabilizing its macroeconomic situation and its efforts to improve the management of its public finances and the business climate”, the EU Commission said.

The funding also aims to strengthen the government's capacity to ensure stable and inclusive growth amid a degrading socio-economic situation, the commission said.

The package is part of an economic reform agreement signed last December, as well as an agreement on a strategic and comprehensive partnership that was signed last July in Tunis.