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Israel recognizes Morocco’s claim on Western Sahara

Published

1 year ago

July 18, 2023

Israel has finally recognized Morocco’s claim on Western Sahara after years of despute over the desert region.

A statement by Morocco’s royal palace revealed that the European country was also considering opening a consulate at Dakhla. Already, twenty-eight other countries —mostly African and Arab— have consulates in Dakhla.

The Israeli position “will be sent to the United Nations, regional and international organisations”, the statement from Morocco’s royal palace quotes the letter as saying.

Israel’s stance on the Western Sahara, according to a Moroccan source who was cited by Reuters, is “clear-cut” and strengthens Morocco’s position after other countries like Spain and the US approved its proposal for the region.

The source stressed that Morocco’s “principles” in supporting a two-state solution in the Israeli-Palestinian conflict would not be affected by Israel’s recognition.

Morocco has insisted on ownership of the Western Sahara and considers the entire region an integral component of its Kingdom, and solely refers to it as “Moroccan Sahara”, “Saharan provinces”, or “Southern Provinces.”

Western Sahara is virtually all desert and is very sparsely inhabited. The controversy around it dates back to the 1960s between the Sahrawi Arab Democratic Republic/Polisario Front and the Kingdom of Morocco.

Israel’s latest position on the Sahara could strengthen relations between the countries as diplomacy has grown lately. Their current mid-level diplomatic missions were recently repurposed as embassies— in exchange for Israeli recognition of Morocco’s claim.

Related Topics:Featured Morocco Western Sahara

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Moroccan annual inflation rises to 0.8% in November

Published

1 day 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.

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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.”