Rabat – The Vice President of the World Bank’s MENA chapter, Farid Balhaj, stated the organization’s readiness to increase its financial support to Morocco. The increased support would allow Morocco to develop initiatives in the social and economic sectors.
On several separate occasions, Balhaj met with the Moroccan Head of Government Saad Eddine El Othmani and Moroccan Minister of Economy and Finance Mohamed Benchaaboun to discuss the organization’s financial backing for Morocco. Balhaj also reiterated the World Bank’s keenness to continue to support Morocco, both on a technical, and a financial level. The financial organizations backing would aid Morocco in achieving its reforms.
This partnership between Morocco and the financial institution has expanded into new sectors in recent years. This mirrors Morocco’s successes and the ambitious reforms set by the country, Belhaj said.
Most recently, in December 2020, the World Bank approved a $250 million loan to support Morocco’s 2020-2030 Green Generation Strategy as part of its broader financial support for the country.
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For their part, the Moroccan officials called on the organization’s support for the North African country’s economic stimulus plan, public sector’s reform, and the generalization of its social welfare system.
Last December the World Bank issued a statement announcing $400 million to support Morocco’s social protection system, lauding the country’s efforts. The organization’s Washington, DC chapter said it is “proud” to support Morocco’s “sweeping reforms” to protect vulnerable people.
“Morocco has reacted decisively and swiftly to support the most vulnerable during the COVID-19 pandemic,” said World Bank Maghreb Country Director Jesko Hentschel.
Echoing the sentiment, Belhaj also voiced the institution’s appreciation of the efficiency of the Moroccan approach to managing the national vaccination campaign against COVID-19, as well as the country’s approach to the socioeconomic repercussions of the pandemic.