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.
Eurozone unemployment meanwhile was unchanged at 10.1 percent in August, the Eurostat statistics agency said.
The Organization of the Petroleum Exporting Countries on Wednesday stunned traders by announcing plans to trim collective production by around 750,000 barrels per day.
Millions of people around the world aim to go to college or university in order to land themselves a well paying job at the end but this Business Insider article shows how some don't nearly pay as much as we think
The court said the decision "breached the law" because of procedural flaws, according to a copy of the verdict.
Global economic trend does not augur well for developing countries: UN Conference on Trade and Development report
"We will look carefully at tax rulings issued by Luxembourg to GDF Suez," Vestager said in the Commission statement.
The Bank for International Settlements (BIS) -- dubbed the central bank of central banks -- said a gauge of Chinese debt had hit a record high in the first quarter of the year.
Civil claims involve bank's mortgage activities
Adeosun said that the bonds are expected to go on sale in December, with the proceeds channelled into capital projects.
May also ruled out a new general election anytime soon, saying Britain needed stability following June's referendum vote to pull out of the European Union.
A 2nd airport would put Rwanda on par with its regional peers, as more tourists flock to East Africa
Country GDP shrank by 2.06 percent in second quarter of 2016
Afghan traders worried fruit exports are rotting after two-week border closure
Foreign trade minister says Trans-Atlantic Trade and Investment Partnership negotiations should stop
Overnight lending rate gets cut by 25 points to 8.50 percent; overnight borrowing rate remains unchanged at 7.25 percent