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Morocco to invest $11.7 billion in 5-year post-earthquake rehabilitation

Published

1 year ago

September 21, 2023

Following a meeting between King Mohammed VI with government and army officials on Wednesday, Morocco has announced plans to spend at least 120 billion dirhams ($11.7 billion) on a post-earthquake reconstruction.

The plan, according to authorities will span the next five years. This is coming weeks after a 6.8 magnitude earthquake struck on Sept 8, killing more than 2,900 people, mostly in the hard-to-reach villages of the High Atlas mountains.

According to the royal palace, the proposal would target 4.2 million people in the hardest-hit provinces of Al Haouz, Chichaoua, Taroudant, Marrakech, Ouarzazate, and Azizlal.

According to the statement, the plan includes rehousing and upgrading infrastructure in a way that promotes social and economic development in the earthquake-affected districts.

The palace announced last week that it was known that 50,000 homes had been damaged and that the government would offer impacted families shelter and 30,000 dirhams ($3,000) in compensation.

Also, it promised to provide 80,000 and 140,000 dirhams in reconstruction aid for damaged and collapsed homes, respectively. The regions affected by the earthquake are among the poorest in Morocco, with many isolated communities lacking proper roads and public amenities.

The plan, according to the royal palace, would be supported by the government’s budget, outside aid, and a fund established in reaction to the earthquake.

Related Topics:Earthquake Featured Morocco

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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.”