First Independent Mena Newspaper
Egypt and the United Arab Emirates (UAE) have signed a landmark $35 billion investment deal to develop Ras al-Hekma peninsula on the Mediterranean coast that, economists say, will inject $35 billion of foreign direct investment into the struggling Egyptian economy, helping it to bolster economic growth and address a hard currency crisis. The deal is […]
The IMF welcomed the resilience of the Moroccan economy in 2023 despite external shocks and drought, noting that growth should improve to 3.5% in the medium term. “Economic growth has strengthened in 2023 thanks to the recovery in domestic demand and buoyant exports,” the IMF said in a statement the end of its Article IV […]
Escalating attacks by Yemen’s Houthi rebels on ships in the Red Sea have not only unraveled a key global trade route, sending shipping and insurance costs soaring, but they are also threatening to again push up the cost of living in Africa that is already struggling with crippling debt. The Red Sea crisis and the […]
Africa is in the grip of a dollar drought and the current continent-wide scarcity of the US dollar is further pushing many already beleaguered African countries into deeper economic crises, according to a new Bloomberg report. Several Sub-Saharan African (SSA) countries, including Kenya, Nigeria, Ghana and Tanzania, have for several months experienced shortages of the […]
While millions of dollars are being channeled to African financial institutions as part of Chinese President Xi Jinping’s $10 billion plan for the continent, the International Monetary Fund (IMF) has cautioned African nations about the possibility of a regional economic downturn and the ripple effects that China’s slowing economy could bring. Xi’sUS$10 billion pledge for […]
Morocco’s automotive exports reached $8.8 billion between January and August this year, a jump of 35.6% year on year, says “FDI Intelligence” in its latest report on the investment opportunities offered in the North African Kingdom. This impressive growth highlights the sector’s leading position in the country’s overall exportation, as it outperforms the sectors of […]
Tunisia’s President fired Tuesday October 17 the country’s Minister of Economy Samir Saïed amid economic hardship that has gripped the North African country. Saied’s office said Finance Minister Sihem Nemsia will also double as caretaker of the ministry. Tunisia has been facing economic distress caused by the Covid-19 pandemic and the ongoing Russia-Ukraine. Many partners […]
With the interest rates likely to stay high in 2024, governments across Africa are presented with a unique challenge and dilemma as they struggle to pay off rising levels of accumulated debt at the same time as they are being urged by the International Monetary Fund (IMF) to cut costly fuel subsidies and raise more […]
The World Bank, the International Monetary Fund (IMF) and Morocco have launched a call for enhanced global action on common challenges in a bid to build resilience and expand opportunities for a better future. In a joint statement issued Wednesday in Marrakesh which is hosting the 2023 Annual Meetings of the WB & IMF, the […]
The International Monetary Fund (IMF) has announced that sub-Saharan Africa will be allocated a third seat on the global lender’s executive board, while the World Bank has warned the central banks in Nigeria, Ethiopia, and Uganda not to overplay their hand in getting involved in risky monetary initiatives. Sub-Saharan Africa will have a “stronger voice” […]