First Independent Mena Newspaper
Director of the International Monetary Fund Christine Lagarde lauded Morocco for the efforts it undertook to restructure its economy. In an interview with weekly magazine, Jeune Afrique, Lagarde said Morocco is leading successful restructuring of its economy without depending on oil or agricultural commodities. She recalled that the credibility of Morocco’s reform earned it an […]
Algeria which has suffered a sharp decrease in oil revenues is seeking desperately to fill in its coffers with an Italian supply deal. The country’s state-owned Sonatrach and Italy’s energy company, Eni, inked a deal to supply Italy with 10 billion cubic meters of natural gas annually. The gas will be channeled through the Transmed […]
The drop in oil prices has taken a heavy toll on Algeria’s budget revenues with the trade deficit expanding to 15.8 billion dollars as of October compared to 13.7 billion dollars the same period last year. By the end of October, Algeria’s export revenues slipped by 23.44% standing at 22.7 billion dollars propelling the government […]
Morocco’s external debt reached 312.9 billion dirhams by June 2016 up from 301 billion dirhams by the end of 2015, Economy and Finance Ministry said in its latest statistics. Public institutions took 52.9% of Morocco’s total external debt, followed by the treasury with 46.8%, while banks and local collectivities accounted for the remaining 0.3% of […]
State-owned banks in Algeria will soon be allowed to list in the stock exchange as Algiers continues to stumble in the aftermath of the plummeting oil prices. The privatization of the state-owned banks is an attempt by the Algerian government to promote its underdeveloped banking sector and diversify sources of revenue after the drop in […]
Algeria’s trade deficit slipped into 14 billion dollars in the first 8 months of 2016 because of the fall in oil revenues, propelling the government to draft an austere appropriation bill for 2017 with the introduction of new taxes in a bid to minimize losses. Algeria’s trade deficit worsened despite an 11% decline in imports […]
The tourism industry in many North African countries was affected this year by the terror threats as travelers avoid popular destinations such as Egypt, Tunisia, Turkey…targeted by terrorists. According to the World Travel & Tourism Council, Egypt is one of the worst hit places, with tourist arrivals down nearly 50 pc so far this year. […]
The Egyptian government has slammed New York-based Blomberg media and London-based The Economist for their critical reports on the Egyptian economy, which, they said, is doing poorly due to President al-Sisi’s incapacity to drive the country out of the difficult economic situation it has been facing since 2011. Blomberg’s editorialist on Tuesday put the economic […]
The International Monetary Fund (IMF) recently reached an initial agreement to lend $12 billion to Egypt to bolster an economy battered by years of unrest, a move that was denounced by some activists who see the loan terms will further cripple the Egyptian economy. A letter by a number of political groups and figures was […]
Speaking at a youth forum on leadership, President Sisi informed Egyptians that the government will be introducing austerity measures when it finalizes a $12billion three-year loan agreement, probably before the end of the month, with the International Monetary Fund (IMF). For the president, “the problem is whether the public opinion is prepared to accept the […]