First Independent Mena Newspaper
After first denying the covid-19 crisis, Tanzania is now unable to account fully for aid received from abroad, as the country’s controller and auditor general has found irregularities of more than $1.6 billion in the funds allotted for the country’s Covid-19 socioeconomic recovery and response (TCRP) plan. The audit report of Tanzania’s controller and auditor […]
Tunisia has been running for more than a year behind an IMF loan and its biggest partners, in particular the European Union, and the United States have been doing their utmost to get the loan, warning of the risks of the Tunisian economy collapsing, if ever. The IMF tied the loan to reforms that the […]
The eight member countries of the West African Economic and Monetary Union (WAEMU) are struggling to raise funds on the regional capital market, as investors demand higher interest rates amid tightening liquidity, financial market sources said. WAEMU IS an organization of eight, mainly French-speaking, states within the Economic Community of West African States (ECOWAS) which […]
A new report by World Bank has highlighted the underperformance of Egypt, Nigeria, South Africa and other African big economies, saying they are slowing down the continent’s economic growth. In its Africa Pulse report, the Washington-based bank expresses its concern that Sub-Saharan Africa could be facing a “lost decade” of slow economic growth and high […]
The World Bank has granted Morocco an additional funding of $250 million to finance the Support to Education Sector Program. This additional funding will bring the total funding of the program to $750 million. The related loan agreement was signed, Wednesday in Rabat, by the Minister in charge of the Budget, Fouzi Lekjaa, and the […]
Burkina Faso authorities have budgeted $1.09 billion for defense expenditure this year, an increase of 49.43 per cent compared to last year, to address security concerns caused by terrorism activities. The West African country has been grappling with insecurity caused by terrorists and a political instability. The central government has lost around 40 per cent […]
Morocco insisted, Wednesday in Addis Ababa, before the first meeting of the Permanent Representatives Committee of the African Union (PRC) under Comorian chairmanship, on the need to secure the financial independence of the pan-African organization, whose budget currently dependents on foreign partners. Morocco’s Permanent Representative to the AU and UNECA, Mohamed Arrouchi, who was speaking […]
The World Bank has approved a third Development Policy Financing (DPF) of $450 million for Morocco to enable the country advance financial and digital inclusion, key enablers in reducing poverty and boosting shared prosperity This third financing was announced end of March. It is “in line with the recommendations of the New Development Model (NDM), […]
The International Monetary Fund (IMF) decided on Monday to provide a $5 billion precautionary flexible credit line (FCL) to Morocco to enhance the country’s external buffers, and support its economic resilience and structural reforms. Ms. Antoinette Sayeh, IMF Deputy Managing Director, said : “Morocco’s very strong macroeconomic policies and institutional framework have allowed its economy […]
The European Union (EU) has granted Egypt $40 million earn-marked for the improvement of food security in the North African country, Egypt’s International Cooperation Ministry said in a statement. The EU will provide the funds through the Italian Agency for Development Cooperation (AICS). Per the deal, the AICS will partner with the Egyptian Ministry of […]