North Africa’s Economy
Libya’s businesses in ruin
Libyan businessman Mahmud al-Sharkassi surveyed the ruins of his factory on the outskirts of war-scarred capital Tripoli, disheartened but determined to get back to work. "This used to be the heart of my project. Everything started here," he said, looking over...
Algeria: The economic cost of the Covid-19 epidemic in Algeria
Algiers, July 18, 2020- Algeria said Saturday that the coronavirus crisis on top of falling oil prices have caused unprecedented damage to its economy, including over $1 billion in losses in the public sector alone. "Algeria is facing an unprecedented difficult...
Tunisia: Protesters block key pipeline in Tataouine
Tunis, July 17, 2020 - Protesters demanding jobs in Tunisia's marginalised south have blocked a key pipeline carrying half the country's oil production after hundreds stormed a crude production site, the energy ministry said Friday. On Thursday demonstrators pushed...
Algeria: Sonatrach rep in Lebanon among those charged by judge in tainted fuel scandal
Beirut, July 10, 2020 - A Lebanese investigative judge charged dozens of people including top officials Friday over a delivery of suspect fuel intended for the electricity sector, a judicial source and state media said. The "tainted fuel" case made headlines in March...
Libya’s oil production to resume after lifting force majeur
Tripoli, July 10, 2020 - The Libyan National Oil Company announced Friday the resumption of oil production and exports after a nearly six-month shutdown due to conflict dividing the country. "The NOC has lifted force majeure on all oil exports from Libya," the company...
Egypt: Cairo has two new airports
President Abdel Fattah al-Sisi on Monday inaugurated two more airports near Cairo in a bid to lure tourists as Egypt aims to recover from the economic downturn caused by coronavirus. One airport is in Egypt's new administrative capital, about 50 kilometres (30 miles)...
Egypt’s Shalateen Mining Company finds gold deposits in Eastern Desert
Egypt has discovered a gold deposit estimated at more than one million ounces in the country's southeast, the petroleum ministry said Tuesday. "The discovery .... is worth over $1 billion in investments over the next 10 years," the ministry said in a statement. The...
Egypt’s debt rising: $5 billion more from IMF
The IMF board on Friday approved a one-year, $5.2 billion financing package for Egypt to help the country alleviate the economic impact of the COVID-19 pandemic. The new funding under a standby arrangement comes on top of $2.8 billion in emergency aid the IMF board...
Tunisia: Prime Minister predicts just 7% GDP contraction
Tunis, June 25, 2020 - Tunisian Prime Minister Elyes Fakhfakh warned Thursday that his country's economy, hit hard by the global coronavirus pandemic, would contract by around six percent this year, as public companies flounder. "All state enterprises are in...
Algeria: Sonatrach oil company operating without CFO
Since March 2020, Sonatrach has been operating without a Chief Finance Officer (CFO), despite a presidential decree announcing the appointment of Hadj Djilali Abouda. Abouda was appointed Vice President of Finance by a presidential decree on 30 March, but he never...