The Arab Monetary Fund has granted Morocco a $127 million loan to provide financial resources to meet the country’s needs amid the global COVID-19 crisis, the Arab financial institution announced this Wednesday in a statement.
The loan agreement was signed earlier this month by Morocco’s Economy and Finance Minister Mohamed Benchaaboun and the General manager and Chairman of the Fund’s Board of Directors, Abderrahman ben Abdellah Al Hamidi.
The Arab Monetary Fund follows the development of Morocco’s economy closely and is also monitoring the development of the pandemic in the country, the statement said, underlining the fund’s commitment to continue to boost the “fruitful partnership with the Moroccan government to provide the most effective way to meet the various challenges.”
The AMF also announced that it is considering another loan for Morocco to support a reform program in the public financial sector.
The financial institution emphasized its commitment to continue to provide financial and technical support to its member states and assist them face up the COVID-19 crisis.
“This loan also falls within the framework of the Arab Monetary Fund’s keenness to support the efforts of its member states to implement economic, financial and structural reforms and confront various challenges,” the statement explained.
The fund announced that it is currently studying requests from a number of member states who seek to benefit from its financial resources.