Morocco is getting $1.3bn from the IMF post-quake

BREAKING NEWSSeptember 29, 2023 at 12:23 PM UTC

The Executive Board of the International Monetary Fund (IMF) has approved an 18-month arrangement for Morocco under the Resilience and Sustainability Facility (RSF) in an amount equivalent to about $1.32 billion.

The RSF arrangement will help Morocco address climate vulnerabilities, bolster its resilience against climate change, and seize the opportunities from decarbonization.

It would also help the authorities strengthen preparedness for natural catastrophes and stimulate financing for sustainable development. The arrangement would coincide with the remaining 18 months under the FCL arrangement approved in April 2023.

Key Takeaways

On September 15, the Fund made the decision to extend a resilience loan to Morocco, a move that followed closely after a devastating earthquake hit the North African country on September 8, with the Al Haouz region being particularly affected. IMF Managing Director Kristalina Georgieva announced this decision, emphasizing that the purpose of the loan is to support Morocco's resilience efforts in addressing climate-related disasters. The earthquake that struck Morocco was the most powerful in 120 years and resulted in a tragic loss of life, with over 2,900 people losing their lives and more than 5,500 individuals sustaining injuries. Recovery and relief efforts are ongoing to assist the country's emergency response. It is worth noting that the IMF and World Bank's joint annual meetings are scheduled to occur in Marrakech in October, a city that was among the areas most heavily affected by the earthquake.