Rabat – The executive board of the International Monetary Fund (IMF) has announced the approval of the Resilience and Sustainability Facility loan for Morocco, a statement from the institution said on Thursday.
The loan budget is estimated at $1.3 billion, IMF said, noting that its board approved the 18-months arrangement for Morocco to help the country address climate vulnerabilities as well as to boost its resilience against climate change.
“It would also help Moroccan authorities strengthen preparedness for natural catastrophes and stimulate financing for sustainable development,” the IMF’s press release added.
The IMF announced its decision to provide Morocco with the resilience loan on September 15, days following the devastating earthquake that struck the North African country on September 8, particularly affecting the Al Haouz region.
IMF Managing Director Kristalina Georgieva announced the news in an interview with Reuters, stressing that the aim of the fund is to help the country’s resilience efforts to address climate related disasters.
The earthquake that struck the country was the strongest in 120 years, and killed over 2,900 people, with more than 5,500 injured.
Recovery and relief efforts are continuing to assist the country’s emergency response.
The IMF and World Bank’s joint annual meetings are set to take place in Marrakech in October, one of the areas most heavily affected by the earthquake.
IMF spokesperson Julie Kozack stressed the importance of the event on Thursday, describing it as a bridge to unite people from across the world.
She also emphasized the event’s goal as a means to help strengthen Morocco and its people following the devastating earthquake of September 8.
