North Africa’s Economy
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...
Egypt wants tourists to return, reopening Red Sea resorts
Cairo, June 10, 2020 - Hotels have ramped up hygiene, archaeological sites have been sanitised and beaches cleaned up -- Egypt is gearing up to welcome back tourists kept away by the coronavirus pandemic. "We are laying the groundwork for tourists from around the...
Libya: With Haftar forces on the run, Libya resumes oil production at al-Fil
Tripoli, June 8, 2020 - Libya's National Oil Company said Monday it had restarted production at Al-Fil oil field, closed since January by the forces of eastern military strongman Khalifa Haftar. The NOC's announcement came a day after output resumed at Al-Sharara oil...
Egypt’s debt rising with another large IMF loan
An IMF team has agreed on a one-year, $5.2 billion financing package for Egypt to help the country alleviate the economic impact of the COVID-19 pandemic, the fund announced Friday. The IMF board must still approve the financing from the fund's Rapid Financing...
Algeria: Sonatrach’s CEO under fire for conflict of interest and nepotism as company faces dismal outlook ($)
Several Algerian media have reported that Toufik Hakkar, the CEO of Sonatrach, has been spending unusually high amount of time during this month of Ramadan with a business tycoon from his hometown of Batna, Hamza Guettai. Guettai owns Petrogel, a private company...
Tunisia: Tourism sector loses over $2 billion with no sign of recovery
Tunis, May 18, 2020 - As the novel coronavirus pandemic wipes out a recovery from jihadist attacks in 2015, Tunisia's vital tourism sector is trying to find ways to avoid going under. "Normally, the season starts now. But there is nobody," said Mohammed Saddam, who...
Algeria: Kia to suspend car assembly in Algeria
Algiers, May 15, 2020 - South Korean carmaker Kia will shut down its assembly line in Algeria from Sunday due to supply chain disruptions after authorities imposed a ban on the import of spare parts. "Work will be interrupted from May 17" at the factory in the town of...
Algeria: Sonatrach implicated in tainted fuel export to Lebanon
Beirut, May 13, 2020 - A Lebanese prosecutor on Wednesday pressed charges against 12 people including government officials over a delivery of suspect fuel through an Algerian oil company, state media said. The "tainted fuel" case made headlines in March when Lebanon...