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Morocco World
5 days ago
- Politics
- Morocco World
Marrakech Mayor El Mansouri Refutes Allegations Over Family Land Sales
Rabat – Fatima Zahra El Mansouri, Minister of National Planning and Mayor of Marrakech, has publicly addressed recent allegations circulating on social media regarding the sale of family-owned land in the outskirts of Marrakech, denouncing them as baseless and malicious. In a detailed statement shared with the public, El Mansouri clarified that the land in question is part of a private inheritance belonging to her late father, Si Abdelrahman El Mansouri, who legally purchased the property in 1978 from private owners—not from the state or any public institution, contrary to the claims being spread. 'These lands are private property, not state-owned nor part of tribal or communal lands,' El Mansouri emphasized, noting that the inheritance process began only after her mother's death in 2023, in accordance with Moroccan legal procedures. The family-appointed legal representative carried out the land sales transparently and declared all transactions to the tax authorities, which collected the dues accordingly. El Mansouri also stressed that all proceeds were reinvested into legal and declared projects in Marrakech. The land is located in the rural commune of Tassoultante, under zoning regulations approved in 2017, before El Mansouri held any ministerial or mayoral office. Rejecting what she described as 'defamatory campaigns' targeting her and her extended family, El Mansouri reaffirmed her compliance with legal requirements. She said she declared her assets to the Court of Auditors since first being elected mayor in 2009—a process that included this land and is accessible to the public under the right to information. 'Constructive and responsible criticism is welcome,' El Mansouri added, 'but my integrity and my family's reputation must not be dragged through unfounded rumors.' She confirmed that the family's legal representative has filed a lawsuit against those behind the misleading leaks. El Mansouri urged journalists, civil society actors, and the public to verify information before sharing it. Instead of engaging in unproven allegations and crediting smear campaigns, she concluded, journalists' work should be in service of transparency, truth, and the public good. Tags: family lands el mansouriFatima Ezzahra El Mansourimarrakech mayor
Ya Biladi
5 days ago
- 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.
Arabian Post
25-06-2025
- Business
- Arabian Post
Senegal's Debt Burden Reaches Critical Threshold
Senegal's public debt rose sharply to unsustainable levels by the end of March 2025, the finance ministry disclosed, underscoring an ongoing struggle between escalating expenditures and faltering revenue streams. Debt servicing costs soared by nearly 24 per cent during the first quarter of 2025, adding to a 44.5 per cent rise already tallied in the final quarter of 2024—bringing repayments to approximately US $1.4 billion last quarter. Two-thirds of the debt is held by commercial banks, with the remainder reflecting accumulated arrears to suppliers and tax authorities. Although revenue collection exceeded 1 trillion CFA francs in Q1—equating to just over one‑fifth of the annual target—it remained well short of the ministry's projections, while Q1 expenditures reached 1.42 trillion CFA francs. Donor assistance has dwindled significantly; external grants plunged by roughly 71 per cent to a mere 8 billion CFA francs, severely constraining budget flexibility. In response, the IMF has suspended its financing programme, citing the underreporting of debt and fiscal deficits—including the revelation that the 2023 debt‑to‑GDP ratio stood at around 100 per cent, far above the previously stated 74 per cent. ADVERTISEMENT This fiscal reckoning stems from a February audit commissioned by Senegal's Court of Auditors, which found a systematic understatement of deficits over a multi‑year period, raising alarms both domestically and internationally. The new government has since delayed the release of budget performance reports for Q4 2024 and Q1 2025, citing efforts to ensure accuracy following the audit's findings. Despite pledges to bolster fiscal discipline, the authorities face an uphill task. Debt servicing exploded across the six months to March 2025, swelling to nearly US $1.8 billion—driven by steeper external interest costs and a near doubling of domestic obligations. Market confidence has wavered: Senegal's dollar‑denominated bonds are currently the poorest performers in Africa, reflecting investor unease. The IMF mission, which visited Dakar in March, confirmed preliminary figures that central government debt stood at approximately 105.7 per cent of GDP at end‑2024, with deficits nearing 11.7 per cent—far exceeding shared regional targets. IMF head Edward Gemayel emphasised that discussions on a new financing arrangement remain stalled until misreporting issues are fully addressed, though he acknowledged oil and gas revenues from fields like Sangomar could deliver about 1 per cent of GDP in annual gains. The government has signalled intentions to pursue subsidy reforms, particularly in the energy sector, and to improve tax compliance and transparency—moves seen as prerequisites for re‑engagement with the IMF. Credit agencies have responded accordingly: a major ratings firm lowered Senegal's outlook to 'B', and the country's sovereign spreads remain elevated. External observers warn that heavy reliance on short‑term borrowing and fluctuating oil markets could undermine fiscal recovery. While oil and gas output offers some respite, structural reforms—in tax policy, public spending prioritisation and debt management—are essential. With such reforms taking root, Senegal may gradually steer its debt ratio toward a more sustainable path; without them, the nation risks a deeper liquidity crisis and a potential request for debt restructuring.
Gulf Insider
29-05-2025
- Business
- Gulf Insider
France Faces IMF Pressure Over Welfare Spending
France's state audit office, the Court of Auditors, has issued a stark warning regarding the country's welfare spending, projecting an impending 'liquidity crisis.'The auditors' report reviewed by Politico indicates that welfare expenditures are 'out of control' and could leave France running out of money as early as 2027.'We need to take back control. Over the past years, especially in 2023 and 2024, we have lost control of our public finances,' the court's president, Pierre Moscovici, said in an interview with RTL. The government forecasts a social budget deficit of €15.3 billion for 2024, expected to escalate to €22.1 billion in 2025. However, the Court of Auditors deems even this substantial projection overly optimistic, citing the government's overestimation of economic growth and the impact of tax cuts. Pierre Moscovici, president of the Court of Auditors, emphasized the urgency of the situation in an interview with RTL on Monday. 'We need to take back control. In recent years, especially in 2023 and 2024, we have lost control of our public finances,' he stated. However, what Politico and the court both do not mention is that tens of billions of this spending is going to France's exploding immigrant population. As France has noted, academics have put the costs of migrants in France at approximately €25 billion a year, with some having even higher estimates. However, many of those with a migration background have French citizenship, and these are not counted in such statistics. France's budget deficit has significantly expanded as of late, reaching 5.8 percent of GDP last year, far exceeding the European Union's 3 percent ceiling. Despite the French government's deficit reduction pledges, the situation is not expected to improve substantially in the near term. The deficit is projected to decrease to only 5.4 percent by 2025, with the 3 percent target not anticipated until 2029. Both the EU and the International Monetary Fund (IMF) have expressed concern over France's escalating spending. Last week, the IMF advised France to curtail welfare spending and proceed with pension reform. Also read: $67 In France And $798 In US – Why Prescription Drug Prices Are So High In America Source Zero Hedge
Morocco World
27-05-2025
- Business
- Morocco World
Moroccan Political Parties Fail to Justify Over MAD 5 Million in Spending
Rabat – Morocco's Court of Auditors has revealed that political parties failed to justify more than MAD 5.73 million (~$625k) in spending during 2023. In its latest report , the court said this amount, about 6.27% of all declared expenses, was either not supported by any documents or only had incomplete ones. According to the report, MAD 5.34 million (~$582k) in party spending had no proof at all, while MAD 309,000 (~$33.6k) were backed by incomplete records, and another MAD 75,000 (~$8,200) had documents issued under someone else's name instead of the party's. This continues a trend of poor financial management among Morocco's political parties, although the percentage of unjustified expenses has dropped compared to 26% in 2022. Still, the court called on parties to improve how they manage public funds and follow accounting rules more closely. The report also shows that while 24 parties returned nearly MAD 36 million (~$3.9 million) to the Treasury between 2022 and March 2025, 15 parties still owe over MAD 21.9 million (~$2.3 million). Most of this money comes from election funding that was either misused or not spent, dating back to the 2015, 2016, and 2021 elections. Missing reports and weak oversight Out of 33 parties, only 27 submitted their financial statements for 2023. While 22 parties met the legal deadline, six parties failed to submit anything at all. The court also noted that four parties submitted unaudited accounts, and four others submitted reports with reservations from their auditors. Many parties also failed to provide important supporting documents, with seven parties failing to include all the required financial tables, three parties failing to submit all their bank statements, and three others failing to detail how they spent the money. The report also raised concerns about how some parties collect money. Eight parties were unable to prove how they got MAD 1.72 million (~$187k) in self-generated resources. This includes MAD 853,000 (~$93k) that came from sources that could not be traced, and MAD 866,000 was collected in cash, exceeding legal limits. In addition, the court found that 23 of the 27 parties that submitted reports had problems with how they kept their books. These included not recording public money they were supposed to return, basic accounting mistakes, and failing to follow the standard accounting format set by the state. In 2022, the government gave additional funds to support research and studies within parties. However, only three parties submitted their final research work. Four parties returned over MAD 2 million ($22k) in unused funds, while others provided no explanation. Tags: court of auditMoroccan Political Partiesspending
