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MOROCCO NAMED MOST ATTRACTIVE INVESTMENT DESTINATION IN AFRICA

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Morocco has been named the most attractive investment destination in Africa, followed closely by Egypt and Algeria.

According to the latest Africa Investment Index 2018 by Quantum Global Research Lab, an independent research arm of Quantum Global, Morocco has a receptive business environment and low risk profile.

The index which was released on the sidelines of the Africa CEO Forum in Abidjan measures six major factors: growth, liquidity, risk, business environment, demography and social capital, to determine the investment attractiveness of countries in the medium term.

According to the Managing Director, Quantum Global Research Lab, Prof. Mthuli Ncube, Morocco has been consistent in attracting an inward flow of foreign capital, specifically in banking, tourism and energy sectors and through the development of industry.

Ivory Coast which is the fastest growing economy in Africa was ranks 5th on the investment index while Botswana, previously ranked as Africa’s top investment destination in the first edition, ranks 4th scoring well in risk factors as well as the business environment.

 

Business

Morocco Get $2.9bn Credit Line Approval from IMF

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The International Monetary Fund (IMF) has approved a $2.97 billion Precautionary and Liquidity Line (PLL) to help Morocco face unexpected economic setbacks.



The IMF said in a statement that the new PLL arrangement “will provide insurance against external shocks and support the authorities’ efforts to further strengthen the economy’s resilience and promote higher and more inclusive growth”.

The two-year credit line signed on Monday is the fourth of its kind between Morocco and the IMF.

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In 2012 the IMF approved a $6.2 billion PLL for Morocco, then in 2014 the global finance body approved another worth $5 billion, and in 2016 another $3.5 billion was approved for Rabat.

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“Morocco’s economic growth remains strong in 2018 and is expected to accelerate in the medium term, provided that external conditions improve,” the IMF said. However, the outlook remains vulnerable to adverse external risks, including increased geopolitical risks and the volatility of global financial markets, it added.

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Finance

Mozambique: Govt reveals 30,000 ghost workers on payroll.

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Mozambique has identified some 30,000 non-existent civil servants on its payroll, the Public Service ministry said on Monday.

It said the ghost workers had cost the country €220 million in salaries and wages. The fraud was detected following a two-year audit that spanned between 2015 and 2017.



Following the operation, Maputo put its public sector workforce at 318,000.

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Mozambique, which has over 50% of its budget devoted to the payment of government workers, has been going through financial difficulties over the past two years, which has weighed heavily on its economic performance.

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In 2016, president Filipe Nyusi’s government was forced to admit to secretly borrowing $2 billion to buy arms.

Donors have sanctioned it by freezing their budget support. Maputo has since suspended its payments to its creditors and is seeking to renegotiate its debt.

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