Morocco

Coronavirus struck at a tough time for Morocco: it aggravated the impact of a second year of drought, in a country where economic growth is vulnerable to fluctuations in rainfall. Agriculture, which accounts for about 10 per cent of gross domestic product and employs almost 30 per cent of the workforce, was already suffering as a result of two years of poor rains, the Financial Times reported. The pandemic was another disaster, leading to the collapse of the tourism sector and disrupting exports to Europe, the country’s foremost economic partner.

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Morocco's Casablanca appeals court upheld a ruling placing the country's sole oil refinery Samir into liquidation, the lawyer of the holding company that controls Samir said on Wednesday, Reuters reported. Samir halted production in August due to financial difficulties, then a court ruling in March placed it in liquidation and named an independent trustee to run it. Its closure has made the country reliant on imports at a time when the North African kingdom is getting its finances back on track by tackling huge deficits.
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