VenturesNow

Cost of living soars in Tunisia as foodstuff shortages worsen

Published

2 years ago

September 12, 2022

Citizens of Tunisia are now reeling in pains with cost of living continuing to soar, amid worsening food shortages because of a financial problem over the inability of importers to pay for their orders.

According to angry residents of Tunis, the list of shortages has expanded to cover petrol, diesel, sugar, bottled-water, flour, coffee, fruits and vegetables.

The lack of sugar in the country has also hit many factories making yoghurt, soft drinks and biscuits, thereby causing job losses which are expected to surge as the country fails to improve its financial balances.

A Tunisian government trade official, Eles Ben Ammeur, who spoke on the situation on Monday, cited the cancellation of an order of 78,000 tons of sugar that was due to be delivered to Tunisia.

The government has also blamed external factors including imported inflation due to the Russian-Ukrainian war as well as local speculators.

International credit rating agency, Morgan Stanley, had earlier this year, warned that Tunisia was heading for a default unless a financing agreement was concluded with the IMF.

Morgan Stanley had argued that without an IMF deal, the debt pile will continue to balloon until it exceeds the size of the country’s economic output in 2025.

Click to comment

VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

19 hours ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”