Finance

The International Monetary Fund's (IMF) Executive Board agreed on Thursday to approve an 18-month arrangement for Morocco under the Resilience and Sustainability Facility (RSF) in the amount of about $1.32 billion, or 112 percent of quota. The RSF agreement will assist Morocco in addressing climate vulnerabilities, strengthening its resilience to…

With ongoing recovery efforts after the earthquake that struck Morocco three weeks ago today driving up higher public expenditure and widening fiscal deficits, international assistance could offset some reconstruction cost pressure, Fitch Ratings predicted on Thursday in a release. The nationally recognized statistical rating organization also…

Central bank “Bank Al-Maghrib”, in partnership with the Moroccan Interbank Clearing System (GSIMT), has announced the launch of instant interbank transfers to facilitate cashless payments in Morocco, said a statement by the Bank. The electronic payment service enables individuals to transfer funds from their bank accounts to other banks in less…

Moroccan clinic operator Oncorad intends an initial public offering (IPO) at Casablanca's stock exchange in three years to finance its development plan, in capitalizing on rising demand for health services while at the same time supporting Morocco's ambition to generalize health care, said Oncorad CEO Redouane Samlali. The company was able to…

Morocco’s Investment Commission approved, Wednesday in Rabat, 21 investment projects worth 76.7 billion MAD. The said projects are expected to create 5,728 direct jobs and 14,707 indirect jobs. The Commission was held under the chairmanship of Head of Government Aziz Akhannouch, and attended by heads of various departments. The industry sector…

Morocco was removed, Wednesday,  from the European Union's grey list of nations under monitoring for money laundering and terrorism funding, according to the European Commission. This judgment considers information from the Financial Action Task Force (FATF) and revisions approved from the latest FATF Plenary in February 2023 in compiling the list…

The International Monetary Fund (IMF) is studying the possibility of granting Morocco a Flexible Credit Line (FCL) with an amount of 3.726 Bln SDR (5Bln US$), the institution said on Monday in a press release. The Moroccan authorities intend to have the two-year arrangement, under the FCL, as a precaution, said the release. This credit line helps…

The Moroccan Subsidies Fund allocated 40 billion MAD in 2022 to counter the surge in prices, 22 of which were used to subsidize cooking gas, said minister of Economy Nadia Fettah Alaoui on Monday. This contribution helped maintain the price of gas cylinders at 40 MAD each, instead of 130 MAD. The imported wheat cost the country 10.5 bln MAD,…

The Organization of Economic Cooperation and Development (OECD) spotlighted, on Wednesday, the efforts and progress made by Morocco in tax transparency. In a report, the organization noted that the Kingdom has a general regulatory framework that ensures the availability of relevant information, as well as the right to effective access and exchange…