North Africa’s Economy
Egypt: Cargo ship briefly grounded in Egypt’s Suez Canal
A cargo ship ran aground Thursday in Egypt's Suez Canal before it was quickly refloated without interrupting traffic, the authority in charge of the vital waterway said. The Hong Kong-flagged Xin Hai Tong 23 bulk carrier was refloated after "a sudden malfunction of...
Algeria’s wheat imports to hit record volumes this summer ($)
The Algerian cereal authority, the Interprofessional Cereals Office (OAIC) has just placed a purchase order for soft wheat of between 500,000 to 600,000 tons for a delivery planned in the upcoming summer. The purchase will take place in a context of drought affecting the main cereal-growing regions of Algeria. This order, described as important, is seen as the continuation of Algeria’s policy to strengthen its wheat stocks. In a note to client, data firm Agritel points out that likely, Russia will be a key supplier, alongside other European countries, that will inevitably include France. The purchase price is around 276 dollars per ton, costs included with delivery in summer.
Tunisia: UGTT union chief rejects talks with IMF in fear of tough austerity measures
Tunisia's largest union on Monday attacked the government's handling of negotiations with the IMF on a loan to bail out the North African country as it slides deeper into debt. Tunisia is seeking a bailout package worth nearly $2 billion from the International...
Morocco: Despite being an agricultural powerhouse, Morocco is experiencing soaring food prices
By Ismail Bellaouali: Soaring inflation in Morocco is driving up living costs and stirring public anger, and as food prices increase the country's export-led agricultural model is coming under fire. On April 8, protesters gathered outside parliament in the capital...
Tunisia: Growing concern in Washington over Tunisia’s political and economic struggles
US Secretary of State Antony Blinken warned Wednesday that Tunisia urgently needs to reach a deal with the IMF, adding to dire EU warnings about the country's future. "The most critical thing they can do on the economic side is actually get an IMF agreement," Blinken...
European Union’s foreign policy chief emphasizes energy in relation with Algeria
The European Union's foreign policy chief Josep Borrell called Monday during a visit to Algeria for stronger energy cooperation with Africa's top gas exporter as well as enhanced security ties. About "90 percent of Algerian gas exports go to Europe, and we know we can...
Morocco applies for $5 bil IMF loan, likely to get the loan
On 6 March 2023, the International Monetary Fund’s (IMF) Executive Board met in an informal session to consider a request from Morocco for a two-year loan arrangement under the IMF’s Flexible Credit Line (FCL). The amount under consideration is US$ 5 billion. The...
Tunisia: World Bank suspends new lending to Tunisia after President Saied issued racist comments
By Paul Raymond: The World Bank has effectively suspended new lending to cash-strapped Tunisia after President Kais Saied sparked accusations of racism with incendiary comments against sub-Saharan African migrants. Migrants from sub-Saharan Africa have faced a wave of...
Egypt to sell citizenship for money to compensate for bankrupt economy
Egypt announced Wednesday it is offering citizenship to foreign investors willing to spend at least $250,000 in the country, as it struggles to fill its depleted coffers. According to state newspaper Al-Ahram, a decision by Prime Minister Mostafa Madbouli published in...
Egypt arrests 29 over alleged online crypto scam
Egyptian authorities have detained 29 people, including 13 foreigners, accused of running an online cryptocurrency scam that defrauded thousands of investors, state media reported Sunday. The network pocketed about $620,000 at the expense of its victims in the country...