First Independent Mena Newspaper
Algeria’s flagship carrier, Air Algérie is on the verge of bankruptcy due to corruption and inefficient leadership, Algerian media wrote. The crisis hitting the carrier has prompted the government to inject 2 billion dollars to pay debt and acquire new aircrafts but the company remains crippled due to a lack of strategy and vision. Air […]
As it heads straight to insolvency, Algeria insists on shunning foreign debt as it resorts to unconventional measures involving the Central Bank money printing to delay an impending bankruptcy in the absence of genuine reforms. After Algerian Prime Minister Ahmed Ouyahia announced a five-year plan to reduce his country’s ballooning budget deficit by borrowing directly […]
The International Monetary Fund has postponed the second tranche of a loan worth $350 million to Tunisia because of a lack of progress in reforms covering public sector wage bill, the public finances and state banks. The IMF urged the acceleration of reforms for Tunisia to be eligible to receive the second and third tranches […]
A few days after Chairman Rached Ghannouchi of Ennahda ruled out any possibility of succumbing to the pressure of the opposition, the party has announced through Fethi Ayadi, chairman of its supreme council that it will be making a U-turn for the establishment of “a government of national unity.” The opposition has not reacted to […]
The Egyptian pound weakened to a new record low against the US dollar on Thursday, extending its losses to 6.4 percent since the central bank introduced a new system of foreign currency auctions to curb a decline in foreign reserves. This came hours after Qatar announced that it is willing to pump in more money […]
The Libyan Investment Authority (LIA) on Monday flatly denied it is planning to take over Petroplus Petit Couronne, a French oil refinery which is currently in bankruptcy proceedings. “The LIA has denied the news circulated by some media and on the internet about its intention to buy an old refinery in France,” reported the Libyan […]
President Morsi’s outstanding powers has led to demonstrations in the streets demanding him to relinquish them and it has made it effects on Egypt’s benchmark stock index is as it fell by almost 10% in the first trading session since the presidential decrees. The ongoing political tensions in an already paralyzed economy spread swiftly through […]