First Independent Mena Newspaper
The International Monetary Fund has lowered slightly its economic forecasts for Morocco saying the Kingdom’s growth is expected to reach 4.5 pc in 2021, while the Fund’s previous projections for the country were estimated at 5 pc. The IMF new outlook takes into account several internal and external factors including the high uncertainty that surrounds […]
China and Tunisia signed Tuesday inked a grant deal valued at around $14.2 million (TND40 million) earmarked for the financing of projects in the North African country. The signing took place between Tunisia’s top diplomat Othman Jerandi and his counterpart Zhang Jiang. The deal did not detail projects to be determined by both countries, Webdo […]
A Moroccan economic monitoring committee (CVE) decided to maintain aid to workers in sectors most hit by the pandemic until June. This financial aid benefits 102,000 workers in sectors handicapped by the Covid-19 outbreak, notably tourism, catering, events and other services whose normal activity halted due to the restrictive measures to contain the virus. These […]
The French Development Agency (AFD) has agreed to provide a €1.5 million (MAD 16 million) grant to the Moroccan Ministry of Tourism, Air Transport, Handicrafts and Social Economy, to help reinforce the social and solidarity economy (SSE) framework in Morocco. The financial aid is aimed at helping the ministry strengthen the national legal mechanisms of […]
Morocco is putting the final touches on the Takaful insurance key to a growing participatory finance triggered by real estate mainly. Speaking at a national insurance seminar, Central Bank Governor Abdellatif Jouahri said Takaful will be launched soon as the main stakeholders are working together to finalize it. A law on Takaful was approved by […]
Peer-to-peer bitcoin trading platforms have seen a rise in users from Morocco over the last three years despite a ban by the central bank of cryptocurrencies, coindesk.com said. Quoting LocalBitcoins Chief Marketing Officer Jukka Blomberg, the website said that February 2021 was the platform’s “best month ever” in Morocco in terms of trading volumes, adding […]
Morocco’s central bank revised upwards Morocco’s economic growth to 5.3% in 2021 citing the beginning of the end of the health crisis with the roll out of the vaccination campaign and a better crop year. The bank said growth will pick up from a contraction of 7% last year under the combined effect of drought […]
Queues in Algerian post offices of employees waiting to receive their salaries are getting longer as the country experiences a liquidity crisis combined with higher inflation that hit purchasing power of citizens. The cosmetic measures introduced by the government have not anticipated the cash crisis in the country where the banking system is one of […]
Morocco’s phosphate group, OCP, has secured a $350 million loan facility from the African Export-Import Bank (Afreximbank) that will support the Group’s expansion plans across Africa. The Pan-African multilateral EXIM Bank announced earlier this week the signing of the 7-year $350 million term loan facility to provide financing to OCP Group. The bank, through its […]
The Special Fund for the Management of the Coronavirus Pandemic (COVID-19) has a positive balance of nearly 3.5 billion dirhams, according to the ministry of Economy & Finance. “This account has the necessary funds to acquire the vaccines and to honor all the financial commitments of the State which fall within its field of intervention”, […]