IMF Approves $1.3 Billion Loan for Morocco

Informed sources have reported that the Executive Board of the International Monetary Fund (IMF) approved a loan of $1.3 billion for Morocco from the new Resilience and Sustainability Fund to enhance the kingdom's capacity to withstand climate-related disasters. Morocco had requested funds from this new fund, which was established by the IMF in 2022, long before the devastating earthquake on September 8th that struck the High Atlas Mountains, resulting in the deaths of over 2,900 people. The board's approval comes just weeks before Morocco hosts the annual meetings of the IMF and World Bank in Marrakech.