Moroccan Government Uncaps External Loans

People wear protective masks following the outbreak of the coronavirus (file photo: Reuters)
People wear protective masks following the outbreak of the coronavirus (file photo: Reuters)
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Moroccan Government Uncaps External Loans

People wear protective masks following the outbreak of the coronavirus (file photo: Reuters)
People wear protective masks following the outbreak of the coronavirus (file photo: Reuters)

Morocco’s government council decided to uncap the country’s external loans, currently limited at around $3.1 billion, as announced in the 2020 budget and approved by the parliament last December.

This could help Morocco better respond to the COVID-19 crisis and mitigate its impact on the most affected economic sectors, such as tourism and transportation.

The government also hopes this will help in managing the consequences of the scarcity of rains during the winter season which has negatively impacted agriculture in many areas in the country.

The Moroccan economy is facing a difficult situation due to the lack of currency inflow resulting from tourism, remittances, and foreign investment. In addition, many exports sectors were halted such as auto industry, textile and clothing industry, and agricultural products.

The cabinet issued a statement saying it authorized uncapping of external loans to ensure the influx of hard currency into the country, especially through international loans, given that many sectors were affected by recent developments, such as tourism, foreign direct investment, and exports.

Minister of Economy Mohamed Benchaaboun suggested a number of measures relating to the review of the 2020 budget in light of the emerging conditions of the coronavirus and drought.

Benchaaboun proposed redefining priorities at the level of future expenditures for the government and public institutions. He emphasized the need to accelerate contracting dues, especially those of very small, small, and medium enterprises to enable them to fulfill their financial obligations and maintain jobs.

The Minister hoped those measures would help alleviate the social repercussions of this crisis.

Benchaaboun pointed out that these reviews are imposed by the global and national economic context affected by the negative repercussions of the coronavirus pandemic.

The developments require urgent and fast measures to limit the effects of this pandemic, especially by directing public spending towards priorities at the health, social, and economic levels, according to the Minister.



China Vows Tougher Action against Smuggling of Strategic Minerals

A woman holds an umbrella to shelter from the sun walks along a street in Beijing, China, Thursday, July 17, 2025. (AP Photo/Mahesh Kumar A.)
A woman holds an umbrella to shelter from the sun walks along a street in Beijing, China, Thursday, July 17, 2025. (AP Photo/Mahesh Kumar A.)
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China Vows Tougher Action against Smuggling of Strategic Minerals

A woman holds an umbrella to shelter from the sun walks along a street in Beijing, China, Thursday, July 17, 2025. (AP Photo/Mahesh Kumar A.)
A woman holds an umbrella to shelter from the sun walks along a street in Beijing, China, Thursday, July 17, 2025. (AP Photo/Mahesh Kumar A.)

China vowed on Saturday to step up a crackdown and toughen law enforcement against smuggling of strategic minerals seen as vital to national security and critical for development.

The remarks by the commerce ministry came a day after the state security ministry accused foreign spy agencies of having tried to "steal" rare earths and pledged to crack down on infiltration and espionage targeting the critical sector.

The world's largest supplier of dozens of strategic minerals, China began imposing export curbs in 2023 on supplies vital to sectors ranging from chipmaking and the energy transition to defense.

The commerce ministry remarks, describing smuggling and export of strategic minerals as a severe problem to be combated, came at a meeting of officials responsible for export control coordination and other government bodies.

"Cases of smuggling by a small number of criminals for their own selfish interests and collusion between domestic and foreign parties are still occurring," it said in a statement.

Evasive methods such as false declarations and third-country transshipment were taking on increasingly covert forms, it added, urging government bodies to prevent illegal outflows of strategic minerals and related technologies.

China has adopted a "zero-tolerance" approach to smuggling and export of strategic minerals, which it will fight with a heavy hand, through special efforts to toughen law enforcement, the ministry said.

In May China said it would strengthen controls on the entire supply chains of strategic mineral exports while tightening its grip on materials deemed crucial to national interest.

Earlier, Beijing launched a special campaign to tackle smuggling of strategic minerals such as gallium, germanium, antimony, tungsten and some rare earths.