The grocer-banker, that’s how we can describe the neighborhood grocer who, through the credit system, comes to the rescue of his clients, whose financial situation continues to deteriorate due to the lockdown. We even see him lending cash to residents heavily impacted by the Covid crisis.
Illicit financial outflows from Morocco reached nearly $16.6 billion, or 155 billion Moroccan dirhams, between 2013-2014. This is according to a statement from a UN report published this week on the African continent.
Following the closure of several venues and the withdrawal of alcohol licenses, professionals in the field, through the Alliance of Free Trade Unions, organized a sit-in this Friday, September 25, starting at 10 a.m., in front of the Wilaya of the Casablanca-Settat region.
Tough times for florists in Morocco. The sector, focused on highly perishable goods, is going through a painful period that has lasted since the beginning of the state of health emergency.
At the Commercial Court of Casablanca, bankruptcy cases are on the rise and a sharp increase in the number of companies closing down due to lack of resources is expected starting in September. The balance sheet could be very heavy towards the end of the third quarter when the judicial system resumes full activity.
Morocco risks another lockdown if infection rates continue to rise. Such a scenario gives the president of the General Union of Businesses and Professions (UGEP) cold sweats, who in an interview with the newspaper l’Opinion points out that this could precipitate bankruptcy at the level of small and medium-sized enterprises.
Bank Al Maghrib sets new rules to protect the banking sector from bankruptcy, especially in terms of real estate loans. It calls for vigilance in order to secure assets.
Microfinance institutions are embarking on a recovery plan for the sector due to the insolvency of some clients following the economic consequences of the health crisis.
In two months, private clinics have lost one billion dirhams. The coronavirus pandemic will have caused, for the same period, clinics, pharmacies and medical practices, a drop of 85% in their turnover.
The pilots of Royal Air Maroc (RAM) seem ready to make some sacrifices to save the airline. At least that’s what a source from the Moroccan Association of Airline Pilots (AMPL) claims.
Driving school owners fear that without financial assistance, their sector will be in the red. They dread a forced bankruptcy due to the coronavirus pandemic.
The luxury hotel, the Sofitel Agadir Royal Bay Resort , would have closed down, after having released all of its staff.