Latest news with #EconomyandFinance
Ya Biladi
24-07-2025
- Business
- Ya Biladi
Moroccan party files complaints against Justice Minister over financial misconduct allegations
The Moroccan Liberal Party has filed two formal complaints against Minister of Justice Abdellatif Ouahbi. The first was submitted to the Minister of Economy and Finance, and the second to the First President of the Court of Auditors. The party accuses the minister of «suspicious financial and real estate dealings», including signing a gift deed in favor of his wife while declaring a value lower than the property's actual worth. In its complaint to the Court of Auditors, the party referenced media reports alleging that Minister Ouahbi engaged in financial transactions exceeding 12 million dirhams, notably the repayment of a real estate loan with interest, all during his time in government. This, according to the party, raises serious questions about the origin of the funds and their consistency with the official asset declarations he submitted to the relevant oversight bodies. Allegations of Undeclared Wealth The party has called for a «thorough and urgent investigation into these matters, which erode citizens' trust in institutions and threaten their stability», urging that the findings be made public and that legal consequences be enforced if any wrongdoing is uncovered. In the second complaint addressed to the Minister of Economy and Finance, the party referenced additional reports regarding the minister's real estate activities, focusing on the gift deed to his wife. The contract, it says, declared a property value significantly lower than its real market price. The party also pointed to a televised statement made by Ouahbi, in which he claimed the right to declare what he considered an appropriate value, arguing that the transaction was a gift between spouses rather than a sale or profit-making deal. The party described this as «a clear admission of tax evasion and a blatant violation of the General Tax Code», which requires all citizens to declare the actual value of real estate, whether the transfer involves compensation or not, and to pay the corresponding taxes under penalty of audit and sanction. It further warned that exempting a minister from these legal obligations undermines the constitutional principle of equality before the law. Once again, the party called for an urgent investigation into what it sees as a breach of public trust and a threat to institutional credibility. It demanded full transparency regarding the outcome of the probe and the application of all relevant legal measures in the event of tax violations. A Call for Action Against the Minister In an earlier statement, the party denounced what it described as the «irresponsible behavior of several ministers in Aziz Akhannouch's government, including the Prime Minister himself», citing growing suspicions of illicit enrichment, conflicts of interest, and abuse of power, all exacerbated by a lack of legal, constitutional, or ethical oversight. It also expressed concern over what it called the «alarming and unwarranted empowerment of certain ministers, led by the Minister of Justice, who appear to be acting above state institutions». This, it said, raises troubling questions about the forces enabling such conduct and allowing these officials to disregard citizens' rights and the rule of law. The statement concluded with a call to end these «irresponsible practices» by holding the Minister of Justice accountable, subjecting him to a full tax audit, and applying Article 143 of the law on real estate preemption in favor of the state. The party also demanded his dismissal, arguing that his continued presence in office undermines public trust in government and weakens the foundations of the rule of law.
Fashion United
23-07-2025
- Business
- Fashion United
France and Italy to collaborate on 'Made in Europe' initiative
Paris - French Economy Minister Eric Lombard and Industry Minister Marc Ferracci are scheduled to meet with Italian Minister for Businesses Adolfo Urso in Paris on Thursday. The objective of this meeting is to establish common ground regarding the challenges facing the European industry and the concept of "Made in Europe." The French ministers' offices informed journalists that their aim is to unite with Italy in advocating for the protection of European industries, intending to jointly present these concerns to Brussels. Among the topics slated for discussion is the survival of the European steel industry, which faces intense and, at times, unfair competition from China and the United States. The European Commission has indicated it will propose legislation in September to reduce steel imports into Europe by over 50 percent through various trade measures, a move supported by France. Discussions between the ministers of both countries are also expected to cover the automotive industry, with a shared goal to boost demand for clean vehicles manufactured with European content. Additionally, they will address the concept of "European preference," particularly in public procurement. The French Ministry of Economy and Finance noted that Italy is increasingly aligning with France on several policy positions, including nuclear energy, which Italy seeks to revive. Both France and Italy advocate for nuclear energy to be treated similarly to renewable energies within European legislation. The French ministers' offices further highlighted that competitiveness and technological neutrality are key areas of convergence with Italy. Thursday's meeting is being held at the Ministry of Economy and Finance as part of the annual ministerial meetings stipulated by the Quirinal Treaty, signed between the two countries in 2021. This meeting follows a display of "shared commitment" and "strong convergence" between Giorgia Meloni and Emmanuel Macron during a lengthy one-on-one meeting in Rome in early June, which aimed to alleviate recent tensions that have intensified since Donald Trump's return to the White House. This article was translated to English using an AI tool. FashionUnited uses AI language tools to speed up translating (news) articles and proofread the translations to improve the end result. This saves our human journalists time they can spend doing research and writing original articles. Articles translated with the help of AI are checked and edited by a human desk editor prior to going online. If you have questions or comments about this process email us at info@
Morocco World
30-06-2025
- Business
- Morocco World
Morocco Pushes Structural Reforms at 4th UN Development Finance Conference
Marrakech – Morocco's Head of Government Aziz Akhannouch outlined the country's structural reforms during his address at the 4th UN International Conference on Financing for Development (FFD4) in Seville. Representing King Mohammed VI at the international gathering, Akhannouch spoke about North African country's commitment to inclusive and sustainable development. 'The reforms undertaken in priority areas such as social protection, mandatory health insurance, housing, education and health reflect the kingdom's strong determination to improve citizens' living conditions,' Akhannouch stated during his intervention on Monday. The prime minister noted that recent efforts have led to a substantial expansion of the tax base and more effective measures against tax evasion. However, he acknowledged that despite these resources, financing these ambitious structural projects requires additional means. Akhannouch stressed the importance of 'engaging in constructive dialogue between traditional financial institutions and new generations of economic and social actors' to better respond to citizens' legitimate aspirations. The Moroccan delegation to the conference includes Minister of Economy and Finance Nadia Fettah Alaoui, Morocco's Permanent Representative to the UN Omar Hilale, and the country's Ambassador to Spain Karima Benyaich. UN Secretary-General António Guterres opened the conference with an urgent call to 'restart the global development engine' through accelerated investments. He flagged that two-thirds of the Sustainable Development Goals (SDGs) set under the 2030 Agenda are currently behind schedule. 'We are evolving in a world where trust is crumbling, where multilateralism is being severely tested. A world marked by economic slowdown, growing trade tensions, and a dramatic drop in international aid budgets,' Guterres said, describing the current situation as 'not simply a crisis of numbers, but a human crisis.' Guterres urged states to mobilize more domestic resources and prioritize investments in high-impact areas such as education, health, and renewable energy. Prior to the conference, Akhannouch attended a dinner hosted by Spain's King Felipe VI and Queen Letizia in honor of participating heads of state and government on Sunday. Running until July 3, FFD4 aims to address the estimated $4 trillion annual deficit facing developing countries in achieving the SDGs. This figure represents $1.5 trillion more than a decade ago. The event has drawn more than 15,000 attendees, including close to 60 heads of state and government, alongside representatives from international financial institutions and civil society. The Seville summit culminated in the adoption of the 'Seville Commitment' or 'Compromiso de Seville,' an intergovernmentally negotiated outcome document that lays the foundation for a renewed global framework for financing development. The declaration advocates for better representation of Southern countries in global financial bodies, a tripling of development banks' lending capacities, and increased cooperation against tax evasion. Spanish Prime Minister Pedro Sánchez asserted that 'it is time to take a step forward and not only reaffirm our commitment but redouble it. We must improve debt sustainability, ensure fiscal justice, and fulfill our commitments to international cooperation.' The conference builds on the momentum of the Pact for the Future, adopted by world leaders in September 2024, where countries agreed to boost investment in the SDGs, address growing debt burdens, and accelerate reforms to the global financial architecture. As a middle-income country, Morocco aims to contribute to defining new financing approaches at the global level that can guarantee equitable and sustainable growth. Tags: Aziz AkhannouchStructural reforms
Ya Biladi
30-06-2025
- Business
- Ya Biladi
Palestinian Prime Minister praises King Mohammed VI's support
Palestinian Prime Minister Mohammad Mustafa praised, on Monday in Seville, the unwavering and steadfast support of King Mohammed VI, president of the Al-Quds Committee, for the Palestinian cause and people. «I would like to reiterate, on behalf of President Mahmoud Abbas and the Palestinian people, our gratitude to His Majesty King Mohammed VI for his sustained efforts on behalf of the Palestinian people», Mohammad Mustafa told the press following his discussions with Moroccan Prime Minister Aziz Akhannouch on the sidelines of the fourth International Conference on Financing for Development, held from June 30 to July 3 in Seville, southern Spain. The talks provided an opportunity to express deep appreciation to the Moroccan government and people for their tireless commitment to the holy city and their growing concern for the difficult situation in the Gaza Strip, he added. Mohammad Mustafa also emphasized the urgent need to end the suffering of the people of Gaza in order to enable reconstruction efforts. He stressed the imperative to revive the political process based on the two-state solution, aiming to establish an independent Palestinian state with East Jerusalem as its capital. The Moroccan delegation at the International Conference on Financing for Development is led by Prime Minister Aziz Akhannouch and includes Minister of Economy and Finance Nadia Fettah, Morocco's ambassador and permanent representative to the UN Omar Hilale, and Moroccan ambassador to Spain Karima Benyaich.
Ya Biladi
30-06-2025
- Business
- Ya Biladi
Aziz Akhannouch represents King Mohammed VI at Seville Conference on development Financing
Head of Government Aziz Akhannouch arrived in Seville on Sunday to represent King Mohammed VI at the Fourth International Conference on Development Financing. He attended an official dinner hosted by King Felipe VI of Spain and Queen Letizia in honor of the participating heads of state and government. The Moroccan delegation includes Minister of Economy and Finance Nadia Fettah, Morocco's Permanent Representative to the United Nations Omar Hilale, and the Kingdom's Ambassador to Spain Karima Benyaich. Nearly 70 heads of state and government are expected to attend the event in the Andalusian capital, along with 4,000 representatives from civil society organizations, international financial institutions, and the private sector. According to UN Secretary-General António Guterres, the goal of the conference is to address the pressing financial needs of developing countries, which now face an annual funding gap estimated at $4 trillion—$1.5 trillion more than a decade ago. Organized under the auspices of the United Nations and running from June 30 to July 3, the conference aims to serve as a catalyst for reforming the international financial system, which Guterres has described as outdated. It also seeks to accelerate progress toward the 2030 Agenda for Sustainable Development and to promote a more inclusive global financial architecture. A draft declaration, known as the Seville Commitment, is expected to call for greater representation of Global South countries in international financial institutions, a tripling of development bank lending capacity, and stronger international cooperation to combat tax evasion.
