First Independent Mena Newspaper
The Central bank said it will intervene to ensure there is enough cash for banks through increasing three-fold their refinancing capacity in dirham and hard currency. The move comes as a lifeline for Moroccan banks to offset the financial repercussions of coronavirus and help them offer loans for enterprises and households, the central bank said […]
As the Covid-19 outbreak is spreading quickly in Africa with nearly 3,000 infected people across 45 countries, placing strain on already fragile health systems, and dangerously threatening the continent’s economy, the African Development Bank Group is moving to provide flexible responses aimed at lessening the severe economic and social impact of this pandemic on its […]
Morocco said it will offer monthly payments to every head of a household who became unemployed due to the coronavirus lockdown which Morocco imposed from March 20 to April 20, the finance ministry said. The payments will be offered by the special fund, set up at the orders of King Mohammed VI to upgrade health […]
The EU will redirect €450 million promised to Morocco this year to help the country better respond to the coronavirus outbreak. The amount includes €150 million that will be injected directly in the special fund created by Morocco to fund health system acquisitions and offset the social and economic repercussion of the pandemic, according […]
The United States government has granted Morocco $670,000 (6.6 millionDH) to respond to the outbreak of the novel coronavirus (COVID-19), announced the US embassy in Rabat. The funds are provided by the Emergency Reserve Fund for Contagious Infections Diseases at the US Agency for International Development (USAID), said the embassy in a statement. […]
Pressure exerted on Morocco’s current account deficit (CAD) and external finances have increased significantly due to the COVID-19 pandemic global shock, Fitch Ratings says. However, the North African country has buffers to manage increased pressures, including recently displayed willingness to adjust the flexibility of the exchange rate regime, adds the international rating agency. Disruptions to […]
Moroccan pension fund CNSS will start distributing a monthly compensation to the people who lost their jobs due to the consequences of coronavirus. Since Morocco imposed a quarantine and banned all travel, many employees of the tourism sector, services and non-essential sectors lost their jobs or were unpaid. The economic monitoring committee said the people […]
Head of the Moroccan government Saad Eddine El Otmani asked all public sector administrations to put off hiring new employees until the end of the coronavirus crisis. In a sign of austerity measures, El Otmani also ordered in a letter delaying all promotions planned in the current budget. The Prime minister said that the job […]
African Finance Ministers have called for a coordinated COVID-19 response to mitigate the adverse impact of the pandemic on economies and society, noting that Africa needs an immediate emergency economic stimulus of $100 billion. The ministers, who met on 19 March in a virtual conference to exchange ideas on the efforts of their respective governments […]
The European Union will send €20 million in humanitarian aid to Iran which is subject to US sanctions and struggling with the Coronavirus pandemic. The announcement came from the bloc’s foreign policy chief Josep Borrell in a video news conference on Monday. “We’ve not been able to provide a lot of humanitarian help but there […]