Tunisia has revealed plans to sell as much as a 15 percent shareholding in several state-controlled banks. Finance minister, Slim Chaker, said on Tuesday that the country hopes to raise around 1.3 billion Tunisian dinars ($668.66 million) from the sale to balance its budget.

The Maghreb state also expects loans of $1 billion from the World Bank and the International Monetary Fund (IMF), Chaker added at a finance conference in Kuwait. Tunisia is already preparing for an economic conference in October, which it says will attract investments worth $10 billion.

State-owned commercial banks dominate the banking system in Tunisia, accounting for more than 50 percent of the country’s market share. However, Tunisia has been pressured by international lenders to cut public spending (including subsidies) and reduce fiscal deficit by implementing a series of reforms.

The country faces an enormous task of increasing government revenue despite the burden of clearing out a hefty budget deficit, which stood at 5.8 percent in 2014. That figure is expected to drop to 5 percent this year.

Meanwhile, public wages, which account for about one-third of the state budget, may increase in the coming years. The country’s labour union Tunisian General Labour Union (UGTT) is requesting for salary increment for some 800,000 workers. A successful negotiation will further stretch the financial muscle of a country in dire need of more money.