North Africa’s Economy
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...
Economy: Nigeria’s collapsing revenues
Abuja, May 5, 2020 - Oil-rich Nigeria is losing more than 80 percent of its revenue due to plummeting oil prices and the coronavirus epidemic, officials said on Tuesday. Nigeria depends on crude oil sales for 70 percent of government revenue and 90 percent of foreign...
Morocco: After launching spy app, Morocco deploys surveillance drones
Rabat, May 6, 2020 - Morocco has rapidly expanded its fleet of drones as it battles the coronavirus pandemic, deploying them for aerial surveillance, public service announcements and sanitisation. "This is a real craze. In just weeks, demand has tripled in Morocco and...
Algeria announces deeper spending cuts but says minimum wage up a bit
The Algerian government decided Sunday to reduce the state budget by half due to a financial crisis caused by the global collapse in oil prices and worldwide coronavirus lockdowns. The government has decided to reduce the budget by "50 percent" for this year,...