North Africa’s Economy
Egypt’s foreign debt increases with more IMF loan
The IMF executive board on Wednesday saidit had approved Egypt's request for a $1.7 billion loan, its final disbursement under a plan aiding its recovery from the Covid-19 crisis. "The Egyptian authorities have managed well the economic and social impact of the...
Libya: In sign of reconciliation, Tripoli and Tobruk resume air link
Flights have resumed between Libya's capital Tripoli and the eastern city of Tobruk after a break of several years, as the division-plagued country takes a further step towards normalcy. A flight from Tripoli of Libya's Buraq Air landed late Wednesday in Tobruk, a...
Morocco: Israir to link Tel Aviv to Marrakesh in July
Israir will launch direct flights between Israel and Morocco's Marrakesh in July, the Israeli carrier said on Tuesday, six months after the two countries reached a US-backed normalisation deal. "The first flight will take place on July 19 from Tel Aviv to Marrakesh,"...
Economy: IMF to pump $5 billion more into Egypt
IMF staff on Tuesday announced they had reached an agreement with Egypt over an economic program that would release the final tranche of a $5.2 billion loan approved last year. Once approved by the board of the International Monetary Fund, the second performance...
Morocco is finally about to legalize use of cannabis, but not for recreational purposes yet
Moroccan lawmakers on Wednesday approved a law legalising the therapeutic use of cannabis, bringing one of the world's biggest producers of hashish a step closer to green-lighting the major reform. The lower house of parliament adopted the text on the lawful use of...
Egypt softens stance against Shoei Kisen Kaisha in compensation claim over Suez blockade
Egypt has slashed millions of dollars off its compensation claim against the Japanese owner of a megaship that blocked the Suez canal in March, the canal authority chief said late Sunday. Egyptian authorities had seized the 200,000-tonne MV Ever Given in April and...
Egypt: Suez Canal about to get bigger after stranded ship crippled traffic for nearly a week
Egyptian President Abdel Fattah al-Sisi approved Tuesday the widening and deepening of the southern part of the Suez Canal, after a stranded mega-ship crippled the critical maritime artery for six days in March. "What you heard today is about the upgrade in the...
Tunisia: IMF “ready to help” but in no hurry. Painful reforms ahead
The IMF stands "ready" to offer Tunisia an aid package to deal with the current financial crisis, a fund official said Thursday. However, there is "no timeline" for finalizing an agreement, spokesman for the International Monetary Fund Gerry Rice told reporters.The...
Tunisia: Tourism sector continues downward crash, revenues in 1Q less than half last year’s ($)
Tourism receipts in Tunisia have experienced a considerable decline of 55% year over year in the first four months of 2021, compared to the same period in 2020. The Covid-19 pandemic which forced tourists out of the country, has led to the collapse of the industry. ...
Tunisia looking for an IMF bailout
Tunisia will send a delegation to Washington this week to seek global financial support for an economic reform programme, the prime minister's office said Monday. "A government team will head to Washington at the end of this week for a series of meetings with the...