First Independent Mena Newspaper
Morocco, which is one of the 15 partner countries from outside the EU of the Coronavirus Global Response campaign launched by the European Commission, has expressed full support for this global action for universal access to affordable coronavirus vaccination, treatment and testing, and made a contribution of €3 million. President of the European Commission Ursula […]
The European Union transferred a grant of €157 million (MAD 1.7 billion) to Morocco on Monday, May 26, to help the country in its response to the COVID-19 pandemic and vowed more grants by the end of 2020 to total €300 million. The amount was injected into Morocco’s Special Fund for the Management and Response […]
The African Development Bank (AfDB) approved on Wednesday in Abidjan a €264 million financing to Morocco, as part of its COVID-19 response support program (Parc-19). With a rapid deployment of resources, PARC-19 contributes to bolster the Kingdom’s response efforts to the health, economic and social crisis triggered by the Covid-19 epidemic, the AfDB said in […]
The International Bank for Reconstruction and Development, IBRD, has lent Tunisia €18.3 million earmarked for the fight against the COVID-19 health crisis. The Tunisian cabinet Friday validated the loan, which was signed on May 11. The North African country needs $157 million in addition to external sources to roll out anti-covid-19 national policy. The IBRD […]
Morocco’s spending on subsidies of basic consumer goods dropped to 2.2 billion dirhams by April, from 5 billion dirhams the same period last year. The drop in subsidies bill was mainly ascribed to the 68% decrease in the cost of butane gas as well as sugar prices. Morocco also subsidies flour. Therefore, it is expected […]
The European Union will extend Morocco €100 million (1.1 billion dirhams) to support the financing of the health sector in the context of the Covid-19 crisis The related agreement was signed Tuesday by Economy & Finance Minister Mohamed Benchaâboun, Minister of Health Khalid Ait Taleb, and ambassador of the EU in Morocco, Claudia Wiedey, The […]
The Arab Monetary Fund has granted Morocco a $127 million loan to provide financial resources to meet the country’s needs amid the global COVID-19 crisis, the Arab financial institution announced this Wednesday in a statement. The loan agreement was signed earlier this month by Morocco’s Economy and Finance Minister Mohamed Benchaaboun and the General manager […]
Morocco’s economy has been hit hard by the coronavirus outbreak but plans have been set up to relaunch the economic activity through promoting state investments and fostering domestic consumption, Finance Minister Mohamed Benchaaboun said. The government is preparing conditions to relaunch the economy after the lockdown affected most sectors notably exporting businesses, Benchaaboun told MPs […]
Fitch Ratings has revised its outlook on Moroccan banks Attijariwafa Bank, Bank of Africa, and Credit Immobilier et Hotelier (CIH) to Negative from Stable, while affirming the three banks’ Long-Term Foreign-and Local-Currency Issuer Default Ratings (IDRs) at ‘BB+’. This comes after Fitch’s revision of the outlook on Morocco’s sovereign rating to Negative from Stable on […]
Morocco’s Central Bank, known as Bank Al Maghrib, asked banks not to pay 2019 dividends to shareholders in order to boost their capacity to dealing with the coronavirus repercussions. This recommendation comes after a series of measures including boosting three-fold bank’s refinancing capacity and measures to make loans more accessible for households and companies, the […]