Boure3qer_Boy
25-05-2008, 13:36
Citaat:
The UAE agreed to give its energy-dependent north African ally Morocco $300 million to soften the blow to the kingdom's finances from soaring oil prices, Morocco's government said on Friday.
The gift, to be paid into a special-purpose fund, adds to a $500 million grant announced earlier this month by another of Morocco's oil-rich Gulf allies, Saudi Arabia.
"A special fund will be created, paid for by donations from the two brother countries, the Kingdom of Saudi Arabia and the United Arab Emirates, to a value of $500 million and $300 million respectively," Moroccan state news agency MAP said.
Morocco saw the value of its oil imports double to 8.13 billion dirhams ($1.11 billion) in the first quarter of the year versus the same period last year, official figures show.
Questions are being asked over the viability of subsidies paid by North African governments to shield their populations from soaring world energy and food prices.
Analysts say Morocco may struggle to maintain the subsidies without allowing its budget deficit to exceed a 3.5%. (Reuters)