First Independent Mena Newspaper
The United Nations support mission in Libya (UNSMIL) welcomed the meeting that took place on Tuesday, January 12, in Brega, the Libyan eastern port city, between the finance ministers of the two rival parties. An agreement for a unified budget for 2021 was reached at this meeting. A joint financial commission composed of experts from […]
The US International Development Finance Corporation (DFC) will open a branch in the city of Dakhla which will serve as a platform for all its operations towards the African continent. This initiative confirms Dakhla’s vocation as a link between North Africa and Sub-Saharan Africa and a major economic hub, as planned in the development model […]
Morocco’s fiscal revenues exceeded the expectations set in the budget law standing at 146 billion dirhams, or 107% of the revenues projected in the budget law. Tax revenues were only 4% lower compared to last year in a difficult economic context marked by the fallout of the pandemic on economic activity and tax breaks offered […]
Moroccan banks’ impaired loans ratio surged to 8.6% to stand at a record 80 billion dirhams undermining Bank’s profits in 2020, the central bank said in its latest report. The rise of bad loans takes place at a context marked by the impact of the pandemic on economic activity in general and bank loans in […]
The Bayt Mal Al-Quds Acharif Agency seeks to mobilize over $7 million for the projects it plans to implement in 2021. In its annual report, the Morocco-based Agency, stresses that it has programmed several projects amounting to more than $ 7.412 million and covering the sectors of social assistance (29%); protection of cultural and urban […]
Morocco’s GDP growth is expected to increase to 4.5 percent in 2021 as the effects of the drought and pandemic wane and monetary and fiscal policy remains accommodative, announced on Wednesday the International Monetary Fund. In a press release issued after concluding 2020 Article IV Consultation with Morocco, the IMF Executive Board also said that […]
The European Union announced on Wednesday a €169 million support package for Morocco to enable this country enhance further its medical response to the coronavirus pandemic and put in place measures to mitigate its socio-economic impact. EU Neighborhood commissioner Olivér Várhelyi said : “Today’s disbursement shows that the European Union stands by Morocco in its […]
The International Finance Corporation (IFC) supports Morocco’s Fez-Meknes region road projects and covid-19 response with a $30 million funding. Ten million dollars will be used for the purchase of disinfection and sterilization equipment, which will be used to sanitize public places. The remaining $20 mln will support the region’s plan to expand and upgrade […]
The World Bank said it has approved a $250 million loan in support of Morocco’s Green Generation plan that aims at doubling agricultural output by 2030. The World Bank said the financing is offered in cooperation with the French Development Agency (AFD) to promote profitable agricultural activities as well as environment friendly practices and sustainable […]
The degradation of Morocco’s credit rating by Fitch on the eve of a Moroccan issuance of an international bond is unprofessional and unethical, said central bank governor Abdellatif Jouahri. Fitch has recently downgraded Morocco’s credit rating from investment grade to junk ahead of an international bond worth 3 billion dollars sold by Morocco earlier this […]