First Independent Mena Newspaper
The ongoing development projects in Morocco meant the country had to import more equipment and semi-finished products in 2024, leading to an expansion of the trade deficit by 7.3% at 300 billion dirhams ($30 bln). Imports at $76.1 billion outweighed exports at $43 billion, the foreign exchange regulator said. Morocco’s leading exports were cars and […]
African nations struggling with mounting international debt are about to get a lifeline. The African Development Bank’s new refinancing facility isn’t just another bureaucratic solution – it’s potentially a financial game-changer for the continent. The initiative, dubbed The African Financial Stability Mechanism, stands ready for launch after clearing its final hurdles. All that’s needed now […]
As many African countries are struggling to service their debts, a new World Bank report warns that interest payments on long-term debt in sub-Saharan Africa surged nearly seven-fold to $26 billion between 2010 and 2023. The sharp increase came as the region’s foreign borrowing doubled to $864 billion within the same period. Africa’s worsening debt […]
Egypt is in talks with the European Union (EU) to secure €4 billion ($4.2 billion) in financial assistance to support its ongoing reform efforts. The funds, which are expected to be allocated for budget support rather than specific projects, are part of Egypt’s broader strategy to stabilize its economy amid external challenges. Minister of Planning, […]
Morocco’s budget deficit shrunk to 64.4 billion dirhams ($6.4 bln) in 2024, from 74.9 billion dirhams, as a rise in government revenue continued to offset higher spending, the Moroccan treasury said. The deficit eased to 3.9% last year from 4.4% a year earlier, as the government increases its ordinary revenue and tax receipts, it said. […]
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 […]