VenturesNow

Morocco, AfDB sign $282 million finance deal

Published

1 year ago

October 24, 2023

Three financial deals totalling more than 2.9 billion dirhams ($281.96 million) have been inked by Morocco and the African Development Bank (AfDB).

About $126.4 million would be used to fund a health infrastructure programme under the first agreement, and about $155.6 million would be used to support a social coverage programme under the second.

The third agreement is for the $1 million financing of an emergency assistance project in the wake of the country’s deadliest earthquake in recent memory, which occurred in September.

Morocco recently hosted the IMF and World Bank’s annual meetings, which commenced on October 9 and ended October 15 in Marrakech, just 45 miles (72 km) from the site of the 6.8-magnitude earthquake in which over 3,000 people were killed and 60,000 homes destroyed in the earthquake that occurred on September 8— mostly in the High Atlas highlands.

In the aftermath of the quake, Morocco has secured financial commitments from monetary bodies. The European Investment Bank last week said it would lend it 1 billion euros ($1.06 billion), which will run for over the next three years to support the North African country’s reconstruction efforts after the September earthquake.

The United States Treasury Secretary, Janet Yellen also hinted that her government and the multilateral bodies would support Morocco’s earthquake rebuilding efforts.

VenturesNow

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.”