Morocco, Russia Promote Cooperation with Signing of 11 Agreements

Morocco’s Prime Minister Saadeddine al-Othmani (R) meets his Russian counterpart Dmitri Medvedev in Rabat on October 11, 2017 (AFP Photo/FADEL SENNA)
Morocco’s Prime Minister Saadeddine al-Othmani (R) meets his Russian counterpart Dmitri Medvedev in Rabat on October 11, 2017 (AFP Photo/FADEL SENNA)
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Morocco, Russia Promote Cooperation with Signing of 11 Agreements

Morocco’s Prime Minister Saadeddine al-Othmani (R) meets his Russian counterpart Dmitri Medvedev in Rabat on October 11, 2017 (AFP Photo/FADEL SENNA)
Morocco’s Prime Minister Saadeddine al-Othmani (R) meets his Russian counterpart Dmitri Medvedev in Rabat on October 11, 2017 (AFP Photo/FADEL SENNA)

Morocco and Russia boosted bilateral cooperation on Wednesday with the signing of 11 agreements in energy, agriculture, culture, education, investment and trade sectors, following talks between Prime Minister Saadeddine al-Othmani and Russian Prime Minister Dmitry Medvedev.

Medvedev is on an official visit to Morocco, along with a number of members of the Russian government, businessmen and senior officials.

“The visit of the Russian prime minister to Morocco falls within a clear will for cooperation, which was initiated by King Mohammed VI’s historic visit to Moscow in March 2016,” Othmani said during the signing ceremony of the partnership agreements.

Othmani explained that trade exchange with Russia has developed since the signing of the trade and economic agreement, which helped increase the volume of trade from around $200 million in 2001 to $2.5 billion in 2015.

In 2013, a new phase was launched between the two countries after the signing of a cooperation agreement in the fishing sector, the Moroccan prime minister noted.

“Economic cooperation between the two countries remains satisfactory, and trade is on an upward path, but there is still work to be done to achieve a more balanced trade relationship between the two countries,” he stated.

Othmani also expressed his country’s readiness to “establish an expanded tripartite partnership between our countries on the one hand, and Africa on the other, engaging the public and private sectors in order to carry out important projects, in favor of the three parties.”

For his part, Medvedev expressed his country’s determination to develop a partnership with Morocco, particularly in the fields of energy, agriculture and tourism, as well as to enhance military and security cooperation.

The Russian official underlined the importance of continuing to supply the Moroccan market with its needs of grains in exchange for the import of fruits and Moroccan vegetables.

Medvedev pointed to the importance of expanding cooperation in the fields of energy technology and tourism, noting that the number of Russian citizens visiting Morocco was on the rise.

Meetings between Russian and Moroccan officials on Wednesday witnessed the signing of 11 bilateral agreements in various fields of cooperation.



Lebanon Bonds Rally to Fresh Two-year High on Ceasefire Hopes

A man counts Lebanese pounds at a currency exchange shop in Beirut, Lebanon October 1, 2020. REUTERS/Mohamed Azakir
A man counts Lebanese pounds at a currency exchange shop in Beirut, Lebanon October 1, 2020. REUTERS/Mohamed Azakir
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Lebanon Bonds Rally to Fresh Two-year High on Ceasefire Hopes

A man counts Lebanese pounds at a currency exchange shop in Beirut, Lebanon October 1, 2020. REUTERS/Mohamed Azakir
A man counts Lebanese pounds at a currency exchange shop in Beirut, Lebanon October 1, 2020. REUTERS/Mohamed Azakir

Lebanon's deeply distressed sovereign dollar bonds hit a fresh two-year high on Tuesday as investors bet that a potential ceasefire with Israel could improve the country's prospects.

The bonds, which are still trading below 10 cents on the dollar, have gained more than 3% this week. The 2031 maturity was biding at 9.3 cents on the dollar, its highest since May 2022, according to Reuters.

"Some investors are mulling if it is a right time to buy, since a ceasefire is the first step needed to at some point in time restructure bonds," said Bruno Gennari, emerging markets strategist with KNG Securities International.

Israel's cabinet is expected to convene on Tuesday to discuss, and likely approve, a US plan for a ceasefire with the Iran-backed Hezbollah, a senior Israeli official said.

Israeli airstrikes, which continued on Tuesday, have decimated Lebanon's infrastructure and killed thousands.

But the counterintuitive rally, the second since Israel began bombing the country in September, was driven by bets that the deal could jolt Lebanon's fractured political system and revive efforts to pull the country out of default.