First Independent Mena Newspaper
Attijariwafa bank, a leading pan-African banking group, has teamed up with IFC, a member of the World Bank Group, to boost cross-border trade and investment in Africa and support the continent’s smaller businesses. A cooperation agreement was signed by the two sides to enhance investments in both North Africa and Sub-Saharan Africa. The partnership will […]
Morocco’s Financial Intelligence Processing Unit (Unité de traitement du renseignement financier/UTRF) has received an updated blacklist of individuals wanted for money laundering and terrorism financing. The list, which includes Moroccans, should be submitted to the Attorney General of the Rabat Court of Appeal, which has the exclusive right to decide on financial crimes related to […]
Mauritania’s economic outlook is favorable due to sustained commodity prices and ongoing economic policy efforts, but there are still considerable challenges for inclusive growth, said the International Monetary Fund. “The economic recovery continues, with growth estimated at 3-3½ percent in 2017 and 2018, and moderate inflation of 2.3 percent on average in 2017”, said IMF […]
The US Congress has approved the 2018 Appropriations Bill which- like its 2017 predecessor- allows Morocco to use US aid everywhere in the country, including in the Sahara. In doing so, US lawmakers renew their strong bipartisan support for a negotiated solution to the Sahara dispute, based on autonomy plan under Moroccan sovereignty, and encourage […]
Morocco’s state-owned phosphates giant (OCP) said its revenues grew 14% in 2017 to reach 48.5 billion dirhams compared to 42.48 billion in 2016. OCP’s phosphates rock sales increased 40% while the group’s revenues from selling fertilizers jumped 24% compared to 2016. This performance helped the OCP offset a fall in international prices, the company said […]
The International Finance Corporation (IFC), the World Bank’s private sector arm, said it plans to invest $373 million in Maghreb nations, mostly in Morocco and Tunisia as the two nations cut spending to reduce budget deficits. IFC investments in the region are designed to help the two North African governments form private-public partnerships to help […]
Morocco’s central bank, Bank Al Maghrib, said growth will reach 3.3% in 2018 and 3.5% in 2019, down from 4% last year. The bank kept its benchmark interest rate unchanged at 2.25%, as the financial conditions look stable since the launch of the gradual dirham float last January. Inflation was expected to reach 1.8% on […]
Few weeks after the launch of the gradual Dirham float, The International Monetary Fund has advised Morocco to maintain the current reform pace with a view to strengthening the economy’s competitiveness. “Unlike other emerging economies, Morocco didn’t loosen currency restrictions under pressure, so authorities can take their time with future steps,” Nicolas Blancher, the IMF’s […]
Credit rating agency Moody’s downgraded Tunisia’s credit rating to B2 against the backdrop of deteriorating fiscal situation, complicating the government’s plans to borrow from international lenders. Moody’s cut Tunisia’s rating by one notch to B2– five levels below investment grade and on a par with Argentina, Nigeria, Cameroon and Kenya. Moody’s rating downgrade will complicate […]
Credit rating agency Moody’s maintained Morocco’s BA1 positive ranking, and noted that the country’s credit strengths reflect a structural shift towards higher value-added export industries and fiscal improvements, which could lead to stronger non-agricultural growth and a stabilization and gradual reduction in public sector debt. “Morocco is strategically positioned within global value chains in the […]