First Independent Mena Newspaper
World Athletics launched on Tuesday, upon the initiative of Moroccan former athletics star Hicham El Guerrouj, a $500,000 fund to support professional athletes experiencing financial hardship due to the coronavirus pandemic. The fund, set up in partnership with the International Athletics Foundation (IAF), will be used to assist athletes who have lost most of their […]
Fitch Ratings has affirmed Morocco at ‘BBB-‘ rating and revised the Outlook on country’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to negative. The global rating agency explained the negative outlook by the impact of the coronavirus pandemic on the Moroccan economy which will experience the sharpest GDP contraction in 25 years, besides a marked increase […]
The Moroccan state will distribute aid to 4.3 million families, headed by workers in the informal sector, as the coronavirus outbreak and the measures to contain it freeze economic activity in multiple sectors pushing millions to temporary unemployment, finance minister Benchaaboun said. During the parliament question time Monday, Benchaaboun said that 2.3 million households have […]
The coronavirus pandemic and its economic consequences in host countries will have a negative impact on migrants’ money transfers to Africa, which are expected to fall sharply in 2020, according to World Bank experts. The COVID-19 pandemic is a blow to the economy of the countries on the African Continent, the experts say. In 2019, […]
The EU will offer $150 million in support to Morocco’s education sector in its efforts to promote distance learning which has become vital amid a lockdown to counter the coronavirus outbreak. In this regards, the EU, Morocco’s finance ministry and education ministry signed a deal to help invest the money to promote Morocco’s educational offer, […]
The assistance operation conducted every Ramadan to support needy families in Morocco was launched at the instruction of King Mohammed VI this Saturday, which marks the first day of Ramadan in the country. King Mohammed VI gave his instructions for the launch of the Ramadan 1441 food distribution operation, for 600,000 needy families, including 459,504 […]
The European Bank for Reconstruction and Development (EBRD) announced on Tuesday a €145 million financing facility to Moroccan Bank of Africa (BMCE Group) to support the country’s coronavirus response. This is the first investment to be delivered under the EBRD’s coronavirus Resilience Framework that was set up to meet the immediate short-term liquidity and working […]
Morocco’s leading telecom operator said it will donate its first quarter profit amounting to 1.5 billion dirhams (150 million US dollars) to the special fund created to mitigate the social and economic consequences of Covid-19. The government has pledged 10 billion dirhams to the fund which included a fine of 3.3 billion dirhams that Maroc […]
The Moroccan government has asked all ministerial departments to prepare a list of spending cuts that will target non-essential activities in first austerity measures to deal with the economic impact of the novel coronavirus. The disruptions in the national economy due to Coronavirus notably the suspension of tourism activity, fewer remittances of Moroccan expatriates, and […]
The International Monetary Fund on Monday announced a plan to provide immediate debt relief to 25 member countries, including 19 African states to allow them to focus more on the coronavirus pandemic. According to the IMF Managing Director Kristalina Georgieva, the Washington-based institution approved the first batch of countries to receive grants, under its Catastrophe […]