First Independent Mena Newspaper
Algeria’s oil and gas revenues will be reduced by $10 bln to $23 billion as the country struggles with a surge in spending in a heavily subsidized economy. Algerian officials rang the alarm bell as to the deteriorating financial indicators as a result of dwindling energy revenues which represent more than 90% of exports. To […]
Morocco’s Royal Air Maroc, which has been hit hard by the coronavirus pandemic, will receive 6 billion dirhams (623 million dollars) from the government as part of a bailout plan. Speaking to members of the Upper House, Finance Minister Mohamed Benchaaboun said that the aid is part of state assistance to public enterprises in disarray […]
Morocco has distributed cash to a little over 70% of Moroccan households to help them cope with the restrictive measures to curb the coronavirus, finance minister said. Morocco has offered 2000 dirhams from March to June to workers affiliated to the pension fund CNSS and up to 1200 to households, whose main provider is working […]
The African Development Bank (AfDB) expects a 4 pc GDP growth in Morocco in 2021 after the country’s economic activity was affected like other countries around the world by the Covid-19 pandemic. In its “African Economic Outlook 2020 – Supplement”, the African Bank says Morocco’s budget and current account deficits should improve next year, respectively […]
King Mohammed VI, who was accompanied by Crown Prince Moulay El Hassan, presided this Monday, July 6, over a council of ministers devoted, among other things, to examining the general orientations of the reviewed budget law for the year 2020, announced a statement, read out by spokesperson for the Royal Palace Abdelhak Lamrini. The Council […]
The World Bank, the second largest international economic institution with the International Monetary Fund (IMF), has officially downgraded Algeria to lower middle-income status, a category of countries where income is considered “lower middle”. This new World Bank ranking is very bad news for Algeria, which is beginning to worry the international community because of its […]
The French Development Agency (AFD) will extend the Moroccan National Ports Agency (ANP) a loan worth €100 million loan (MAD 1.1 billion) destined to improve the competitiveness of Moroccan ports. The loan agreement was signed Thursday in Rabat in the presence of French ambassador to Morocco, Helene Le Gal. The two sides, which also signed […]
Tough times ahead for Morocco to cushion the impact of the coronavirus after head of the government Saad Eddine El Othmani asked public administrations to freeze hiring in all sectors next year with the exception of education, health and security. The move will follow a review of the budget law, which shall attach importance to […]
The coronavirus has imposed the need for an amendment of the budget law that will gear focus to education, health, social protection and digital transformation. A cabinet meeting was chaired in this respect Wednesday by head of the Government Saad Eddine EL Othmani to discuss the broad line of the new appropriation bill. The restrictive […]
Humania, a private healthcare company, has secured a $108.5 million funding from international financial institutions to launch medical care projects in Morocco and Egypt. The International Finance Corporation (IFC) contributes $45 million to this project, while $ 63.5 million were mobilized from other investors, including $43.5 million from the Danish Investment Fund for Developing countries […]