First Independent Mena Newspaper
King Mohammed VI said Morocco will inject 120 billion dirhams (12.8 billion dollars) as a post-coronavirus crisis stimulus package to offer incentives and come up with solidarity measures to support businesses, especially small and medium-sized enterprises. The package represents 11% of Morocco’s GDP, “a proportion that will place Morocco at the forefront of the most […]
The African Development Bank granted Morocco $1.1 billion in loans over the last 8 months to finance strategic sectors, head of the bank’s branch in Morocco Leila Farah Mokkadem said. “Morocco is a country with which we have enjoyed close ties for five decades,” she told MAP, adding that Morocco is the bank’s first client. […]
The European Bank for Reconstruction and Development (EBRD) approved on Thursday a $100 million loan to Moroccan “Banque Centrale Populaire (BCP) to support local small businesses affected by the coronavirus pandemic. The loan is the second to the country under the EBRD Solidarity Package, set up to meet the immediate short-term financing needs of existing […]
Germany will extend Morocco loans and grants worth €701.3Mln within the framework of financial and technical cooperation between the two countries. Three agreements related to the funding were signed Wednesday in Rabat by Minister of Economy and Finance Mohamed Benchaaboun, and Germany’s Ambassador to Morocco Götz Schmidt-Bremme. The agreements reflect the excellence of cooperation relations […]
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 […]