Daily Press Review - Thursday, January 18, 2024

Thursday 18 January 2024 - 09:46

Morocco on the Verge of the EU Tax Haven Blacklist
Morocco may find itself on the European Union's tax haven blacklist for the first time. The decision will be announced on February 24 during the EU Ecofin Council meeting. This follows Morocco's rejection in June of the OECD agreements on automatic exchange of tax information and the country-by-country tax reporting required of multinational corporations. These agreements are crucial in combating tax evasion. The automatic exchange of information allows countries to share taxpayers' financial data, making it harder for fraudsters to conceal their income. Country-by-country reporting requires multinationals to disclose their profits and activities in each country they operate.

Source: Les Inspirations Eco

Somalev, Leading the Way in the Moroccan Wind Sector's Growth
Somalev Crânes & Logistics, a Moroccan company specializing in the assembly of wind farms, achieved outstanding performance in 2023 by delivering over 200 MW of wind energy capacity. A significant contribution to enhancing national integration rates for renewable energy. The highlight was the completion of engineering, lifting, and assembly works at the Koudia el Baida wind farm. The successful conclusion marked the end of the project before the close of 2023.

Source: Les Inspirations Eco

IMF Commits to Implementing the Marrakech Call to Action
The Middle East and North Africa (MENA) region must advance more rapidly towards inclusive growth, primarily driven by the private sector, stated the International Monetary Fund (IMF) after a seminar in Cairo. The seminar, part of the Marrakech Call to Action follow-up, brought together representatives from the region's countries, the IMF, and other international institutions. The IMF emphasized that inclusive growth is crucial to reduce poverty and inequality in the MENA region.

Source: Al Bayane

HM the King: Morocco, a Pioneer in Participatory and Citizen Democracy
In 2011, Morocco became the first Arab country to enshrine participatory and citizen democracy in its constitution. This achievement resulted from an open and participatory constitutional reform process, reinforcing the foundations of the rule of law and democracy in the country. King Mohammed VI highlighted in a message to participants commemorating the 60th anniversary of Morocco's first elected parliament's constitution that this approach is vital for the country's stability and development.

Source: Al Bayane

Morocco Implements Emergency Plan Amid Drought
Morocco faces a severe drought with a 70% rainfall deficit from September to mid-January 2024 compared to the average. Dam capacity is at 23.2%, down from 31.5% the previous year. King Mohammed VI presided over a working session at the Royal Palace of Rabat to address the water issue. Actions, including the interconnection of Sebou and Bouregreg basins and the commissioning of desalination plants in Agadir and Safi-Jorf Lasfar, have been taken to ensure drinking water supply.

Source: Aujourd'hui le Maroc

Morocco Strengthens Support for Start-ups
Morocco is committed to supporting start-up development, especially in the digital sector. The Ministry responsible for digital transition and public administration reform has pledged to strengthen the presence of Technoparks in at least ten Moroccan cities by 2026, revise the legal framework for start-ups (especially in digital), and enhance start-up monitoring. The Ministry collaborates with national and international incubators, assisting start-ups in accessing local and foreign markets.

Source: Aujourd'hui le Maroc

Morocco Starts CAN 2023 with a Resounding Victory
The Lions of the Atlas won their first match in the 2023 Africa Cup of Nations, defeating Tanzania 3-0 on January 17. After a slow start, Morocco took control, with goals from Hakim Ziyech, Azzedine Ounahi, and Youssef En-Nesyri. The victory marks a positive beginning for Morocco in the tournament.

Source: Le Matin du Sahara

Water Stress: Majority and Opposition Blame Each Other
The critical water situation in Morocco sparks tensions between the majority and the opposition. Both sides accuse each other during a meeting organized by the Lafquih Titouani Foundation. The opposition claims the majority is responsible for delays in water management projects, while the government highlights its emergency plan, mobilizing water resources, reducing consumption, and raising public awareness.

Source: Le Matin du Sahara

Morocco, Co-Chair of the Friends Group on Responsibility to Protect
Morocco has been appointed co-chair of the Friends Group on the Responsibility to Protect for the period 2024-2026. This recognition reflects Morocco's role in promoting the protection of populations against mass atrocities. The Responsibility to Protect is a principle adopted by the United Nations in 2005, emphasizing the international community's duty to protect against genocide, war crimes, crimes against humanity, and ethnic cleansing.

Source: Liberation

Remittances from MREs, a Boon for Morocco
Remittances from Moroccans living abroad (MREs) reached a record level of nearly MAD 96.43 billion by the end of October. Although a significant source of financing for Morocco, these funds struggle to materialize into long-term investment initiatives with positive social impacts. To address this, the government has implemented a support program, facilitating MRE investment, promoting MRE entrepreneurship, and improving communication between the government and MREs.

Source: L'Opinion