First Independent Mena Newspaper
Oil-dependent Libya needs to invest between $3 billion to $4 billion in order to reach a production level of 1.6 million barrels per day, acting oil minister Khalifa Abdulsadek told Reuters. In 2024, Libya was producing 1.4 million barrels per day, according to the National Oil Corporation. Oil represents up to 98% of Libya’s income. […]
The UN Department of Economics and Social Affairs predicts an improvement of overall African growth in 2025 to 3.7% from 3.4$, despite global stagnation. “Economic growth in Africa is projected to strengthen… driven by recovery in the region’s largest economies,” the report says. However, “Central Africa lags behind due to stagnating oil production and political […]
Morocco’s treasury has gained an additional 600 million dollars (6 billion dirhams) following a tax amnesty program that expired on Dec 31, 2024. At least 127 billion dirhams ($12.7 billion) has been injected in the Moroccan banking system thanks to the tax amnesty, which allowed cash-holders to pay a reduced 5% tax on their deposits, […]
Nigerian naira, Malawian kwacha and Rwandan franc have been named the worst-performing African currencies against the US dollar in 2024, according to a latest report, having faced an array of challenges, from persistent trade imbalances, dwindling foreign reserves, to political instability. Some African nations strengthened their currencies, while others faced worsening exchange rates in 2024. […]
Moroccan banks were busy treating requests by cash holders and owners of undeclared assets in exchange for a preferential tax of 5% only, in an operation that ended on December 31 with the injection of 100 billion dirhams or 10 billion dollars in the Moroccan banking system. At least 5 billion dirhams went to the […]
Moroccan expatriates’ remittances reached 108.67 billion dirhams through November 2024, showing a 2.8% annual increase, according to the latest foreign exchange statistics. The Office des Changes reports that remittances growth maintains its upward trajectory, marking a substantial 77% increase compared to November 2020 levels of 61.25 billion dirhams. The previous year closed at 115 billion […]
The African Development Bank (AfDB) will support the first phase of Egypt’s Private Sector Development and Economic Diversification Program. This comes under a $131 million agreement with the Egyptian Government and is part of a broader effort to strengthen Egypt’s economy and improve the business environment. This initiative aligns with the government’s strategy to enhance […]
Libya has officially become the 53rd member of the African Export-Import Bank (Afreximbank), marking a significant step towards enhancing economic integration within Africa. This milestone was announced to the media over the weekend, although the formal membership occurred earlier in the week. As part of its membership, Libya aims to leverage Afreximbank’s support for several […]
The Central Bank of Tunisia (BCT) announced on Saturday December 28 its decision to maintain the key interest rate at 8%, following a meeting of its board of directors. This decision reflects the Bank’s cautious approach to stabilizing the economy while carefully navigating inflationary pressures and broader economic uncertainties. In its official statement, the BCT […]
Bayt Mal Al-Quds Agency, the executive arm of the Al-Quds Committee, Chaired by King Mohammed VI, invested $4.2 million in 2024 in projects and programs supporting the Palestinian people. According to the Agency’s 2024 annual report, the implemented projects were distributed across various sectors, with 31% allocated to social assistance programs, 19% to arts, heritage, […]