Ronaldo, 47, agreed with BPW Sports company to sell the 90% stake he acquired in 2021 for $70 million
The IMF approved a $6.2 billion precautionary line of credit for Morocco over two years, which it said the government would treat as “insurance” in case economic conditions deteriorate and it faced sudden financing needs.
The IMF board also approved a $2 billion loan to Jordan, announced last month. Jordan’s finances were hurt by regional protests and supply disruptions from Egypt forced it to switch from gas to more expensive oil for power generation.
IMF Managing Director Christine Lagarde said Morocco’s economic policies have contributed to strong growth, low inflation and a resilient banking sector. But the country has been hard hit by a decline in trade from the eurozone. “High oil prices have contributed to a build-up of fiscal and external pressures,” Lagarde said. “The authorities have already taken action to address these vulnerabilities, and are committed to maintaining sound policies.”
Lagarde said Jordan “is facing external and fiscal challenges stemming largely from exogenous shocks to its energy sector.”
“These shocks have put pressure on the external accounts, pushed up the deficits of the central government and the public electricity company, and exposed structural weaknesses in fiscal and energy policies.” Jordan’s economic growth slowed to 3 per cent year-on-year in the first quarter of this year due to sluggish private sector growth. Turmoil from the Arab Spring in neighboring countries including Syria and Egypt have also cast a shadow over investment, while ramped up social spending to quell unrest has further strained public finances.
In Rabat, Morocco said the IMF credit should give comfort to foreign lenders, investors and rating agencies, and allow it to tap international capital markets at favorable borrowing terms.
In a statement carried by the state-run MAP news agency, the finance ministry said the economy “remains vulnerable to external shocks mostly linked to a worsening recession in the eurozone and a new surge” in commodity prices.
Morocco’s fiscal and current account deficits surged last year to their highest levels in many years and analysts are worried about Rabat’s ability to quickly reverse the trend. While the Moroccan currency is not convertible, the rise in those deficits exacerbated a chronic shortage in liquidity in a domestic market that is the state’s biggest creditor.
After bad weather hit its agricultural sector, the North African country is now bracing for higher food import costs after drought slashed its farming output. Its foreign currency reserves barely cover four months of import needs.
Ronaldo, 47, agreed with BPW Sports company to sell the 90% stake he acquired in 2021 for $70 million
The decision aims to ensure the safety of teachers as well as students across the country
The facility had been targeted by a drone on Friday in which four workers were killed
The airline will initially fly once a week between the two destinations
Australia has invested heavily in women's cricket over the past decade
Try some local food that'll enchant your taste buds with a mix of legacy and contemporary flair
DP World has been actively expanding its footprint across the region
The rule allows teams to bring in one substitute at any time for a player in the starting 11