page contents
Connect with us

Business

Morocco Get $2.9bn Credit Line Approval from IMF

Published

on

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.

IMG-20180912-WA0030

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.

FOLLOW US ON:
 INSTAGRAMLINKEDINYOUTUBETWITTER & FACEBOOK

“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.

TO DOWNLOAD OUR MOBILE NEWS APP CLICK HERE
WATCH RUSSIA 2018 HIGHLIGHTS HERE

-MEMO

Continue Reading
Advertisement

Business

President Ramaphosa to Sign South African Competition Amendment Bill Into Law

Published

on

South African President Cyril Ramaphosa will sign into law today the Competition Amendment Bill, which will strengthen regulations against anti-competitive behaviour in industrial markets.



The bill, which was approved by the National Assembly in October 2018 and endorsed by the National Council of Provinces in December 2018, is a step in the right direction for SMEs, economic inclusion and it opens up the economy to fresh investment and innovation.

It also provides a clear mandate to the competition authorities to address economic concentration in a balanced manner and to promote economic transformation, the Presidency said on Monday.

Additionally, the amended legislation seeks to combat concentration and economic exclusion as core challenges that contribute to slower and less dynamic growth, lower employment and greater inequalities, as well as socio-political conflict.

 IMG-20180912-WA0030

The Presidency said this will enable a more effective approach to concentration, with a focus on improving outcomes for small and black-owned business, and strengthen the institutions involved in managing competition policy and law.

The signing ceremony will take place this afternoon at the Tuynhuys Chambers in Parliament. Economic Development Minister Ebrahim Patel, who campaigned fiercely for the bill’s codification, will join the ceremony along with a group of stakeholders.

TO DOWNLOAD OUR MOBILE NEWS APP CLICK HERE

Continue Reading

Business

Manufacturing Output Growth Slows Again in South Africa

Published

on

The preliminary data from Statistics South Africa has showed the rate at which South Africa manufacturing output slowed twice again within the month of December.




Negative contributions came from petroleum, chemicals, rubber and plastic products, iron and steel, non-ferrous metal products, metal products and machinery industries to make outputs edged up a non-adjusted 0.1% year-on-year in December following a 1.3% increase in November and a 3.0% gain in October

IMG-20180912-WA0030

As against a drastic output growth in the prior month; 0.7% following a 0.4% rise in November

Meanwhile motor vehicles, parts and other transport equipment, food and beverages, glass and non-metallic mineral products made the biggest positive contributions in December.

TO DOWNLOAD OUR MOBILE NEWS APP CLICK HERE

Continue Reading

Facebook

Advertisement
Advertisement

Trending

Copyright © 2018 Anttention Media. All rights reserved