First Independent Mena Newspaper
The Arab Monetary Fund has agreed to provide Morocco a $277 Million loan to support the country’s financial and banking sector and enable it maintain its economic stability amid a soaring global inflation due to the Russia-Ukraine war. The loan, announced on Thursday by the fund, will strengthen control & supervision of Moroccan financial and […]
The International Finance Corporation (IFC), an offshoot of the World Bank, agreed to lend Morocco’s phosphates and fertilizers giant OCP 100 million euros to fund the building of four solar plants, the two parties said. The agreement was announced during the International Monetary Fund-World Bank Group Spring Meetings in Washington DC. The green loan will […]
US Treasury Secretary Janet Yellen will push this week for urgent resolution of requests by Ghana and Zambia for restructuring of their sovereign debts, as a record number of developing nations are at risk of a debt crisis, with ballooning inflation escalating borrowing costs. Yellen, who is scheduled to meet with her counterparts at this […]
Kenya will not default on its debt repayment obligations, the president’s chief economic adviser has said, as the country’s government failed to pay its employees for the first time since it gained its independence in 1963. Most county government workers last received their paychecks three months ago, with the delay in civil service salaries being […]
Morocco will continue to consider the IMF flexible credit line of $5 billion as precautionary and would only draw on it in case of external shocks like the Covid-19 pandemic, Morocco’s finance ministry said. The credit line is only granted to countries with sound macroeconomic and financial fundamentals and would add to Morocco’s credibility in […]
Cash-strapped Tunisia continues to face headwinds in its quest to obtain a lifeline $1.9 billion credit from the IMF whose conditions are now openly rejected by authoritarian president Kais Saied. Saied was outspoken in rejecting the IMF conditions for Tunisia to cut subsidies in order to improve public finances. Saied’s statement adds to the fierce […]
After first denying the covid-19 crisis, Tanzania is now unable to account fully for aid received from abroad, as the country’s controller and auditor general has found irregularities of more than $1.6 billion in the funds allotted for the country’s Covid-19 socioeconomic recovery and response (TCRP) plan. The audit report of Tanzania’s controller and auditor […]
Tunisia has been running for more than a year behind an IMF loan and its biggest partners, in particular the European Union, and the United States have been doing their utmost to get the loan, warning of the risks of the Tunisian economy collapsing, if ever. The IMF tied the loan to reforms that the […]
The eight member countries of the West African Economic and Monetary Union (WAEMU) are struggling to raise funds on the regional capital market, as investors demand higher interest rates amid tightening liquidity, financial market sources said. WAEMU IS an organization of eight, mainly French-speaking, states within the Economic Community of West African States (ECOWAS) which […]
A new report by World Bank has highlighted the underperformance of Egypt, Nigeria, South Africa and other African big economies, saying they are slowing down the continent’s economic growth. In its Africa Pulse report, the Washington-based bank expresses its concern that Sub-Saharan Africa could be facing a “lost decade” of slow economic growth and high […]