World Bulletin / News Desk
The Arab Monetary Fund said on Tuesday it was arranging a $127 million credit facility for Morocco to help the North African nation deal with rising food prices, which could threaten its political stability.
"The amount of the loan contributes to helping the Kingdom of Morocco confront urgent economic conditions, including the increasing value of imported agricultural products," the Fund, a regional Arab body with 22 member states, said in a statement.
It did not give details of the loan, but said it would bring the Fund's total lending to Morocco so far to $1.46 billion.
Since last year Morocco has experienced bouts of protest against poverty, corruption and the perceived failure of the state to help - complaints which sparked "Arab Spring" uprisings in other North African countries in 2011.
In June the Moroccan government announced one of the sharpest rises in fuel prices in several years as part of plans to cut subsidies on food and energy products and reduce the burden on state finances.
Morocco has been hit by the economic slump in Europe, a major trading partner and source of tourism revenues and workers' remittances. The International Monetary Fund approved a $6.2 billion, two-year precautionary line of credit for Morocco in August, in case its economy deteriorated and it faced sudden financing needs.
Also, wealthy Gulf Arab states - Kuwait, Qatar, Saudi Arabia and the United Arab Emirates - have pledged a combined $5 billion of financial aid to Morocco, according to the IMF, but it is not clear if any of that money has been delivered so far.
Oil prices rose above $60 due to Iran's call for oil production cut
Economic growth in the Euro-Zone is not at desired levels.
Director and Global Head of Islamic Finance at Standard & Poor's says that growing market for sukuk and new players mark 'significant interest' in Islamic finance.
The Ministry of Finance said that Denmark has written to China to "announce its intention to apply to be a founding member" of the AIIB.
Experts state that the crisis poses risks to the region, which is significant for oil production and exports in the world.
Federal Reserve removes word 'patient;' interest rate increase expected within months. Yellen says timing of rate rise 'not decided,' but will come anytime after April; holds current rates at 0 to 0.25 pct.
Many emerging-market currencies have fallen against the dollar in recent weeks
Anticipated Federal Reserve interest rate hikes making dollar strong against most emerging market currencies, Deputy Prime Minister Ali Babacan says.
European Statistical Agency says slight decline fuelled by drop in production of durable consumer goods.
EU will use all its foreign policy instruments to establish strategic energy partnerships with producing and transit countries.
Dollar strength and waning investor confidence are driving the lira lower
Greece has already received two bailouts totalling 240 billion euros but fellow euro zone member Ireland said last week that it would have to negotiate a third programme.
The Ukraine crisis has tested the loyalties of Bulgaria, a Balkan country with historical ties to Moscow and heavily dependent on Russian energy supplies.
Syria expels three United Nations aid workers hindering aid development in the country
Russia has overcome a "psychological barrier" and is ready to deepen its economic ties with China, Deputy Prime MinisterArkady Dvorkovich said
With Chancellor Angela Merkel's right-left coalition plus the opposition Greens, it was the biggest majority for any euro zone rescue package so far in the 631-seat chamber.