First Independent Mena Newspaper
The International Monetary Fund has vowed to remain closely engaged with Morocco as the authorities address the impact of the coronavirus pandemic. This came in a communiqué issued by the IMF confirming that the North African country drew the $3 billion available resources under the arrangement. The authorities will use funds purchased under the PLL […]
Several Moroccan companies have converted their production chains to make personal protective gears (facemasks/shields, gloves…) and even ventilators to help combat the shortage due to the coronavirus pandemic. Sensing the urgent needs, some companies worked night shifts to scale up the country’s daily production of face-masks to over 3.3 million, while other firms such as […]
Morocco is about to tap into a $3 billion precautionary liquidity line, offered by the IMF in 2018 to help the country face external shocks, Moroccan media reported. The Moroccan government removed the limit on foreign debt on Monday in order to meet its financing needs amid a rise in expenditures and a drop in […]
Morocco is mobilizing all its medical resources and infrastructures to expand its Covid-19 treatment capacity and provide more ICU beds, ventilators and healthcare staff to help contain the coronavirus pandemic, which has so far killed 90 people in the country, infected 1,184, while 88 others recovered. To support the country’s response efforts, the Royal Armed […]
The Moroccan government lifted the threshold on foreign debt as it braces for dwindling foreign exchange reserves due to the impact of coronavirus on the flow of hard currency to the country. The move aims at addressing the needs in terms of foreign exchange reserves as the coronavirus repercussions are expected to hit tourism revenues, […]
The magazine “Forbes France” highlighted, on Monday, the “Marshall Plan” deployed by King Mohammed VI, from the start of the coronavirus health crisis, as part of an anticipatory approach meant to support the economy and protect the populations. The magazine detailed this response plan and the various far-reaching measures implemented by Morocco to combat the […]
Local authorities in Morocco’s largest city of Casablanca announced their plan to transform an exhibition center into a hospital able to accommodate 700 coronavirus patients. The exhibition center is the largest in Morocco stretching over a surface area of 20,000 square meters, authorities said in a statement. The center will be transformed into a hospital […]
Morocco has devoted a huge budget to address the COVID-19 health crisis, becoming part of the top five countries worldwide that have devoted huge budgets to outweigh the economic impact of Covid-19. According to data compiled by the American Goldman Sachs bank, Morocco is the fourth country in the world to earmark the largest amounts […]
Morocco seems to have opted for austerity measures instead of a revision of its appropriation bill to offset the rise in public spending to contain the coronavirus outbreak. Morocco expects a spike in spending to counter coronavirus and mitigate its social and economic impact combined with a drop in tax and customs revenues as demand […]
The Moroccan economy is well-equipped to absorb the shocks relating to the measures imposed to contain the coronavirus as over half of Morocco’s non-agricultural GDP operates as usual, Finance Minister said. Banks, agri-business, extractive industries and public administrations, representing 53% of non agricultural GDP, maintain normal operations and are unlikely to be affected by the […]