World Bank backs Morocco’s social reforms with $400 million

World Bank backs Morocco’s social reforms with $400 million

The World Bank has approved a $400 million loan in support of Morocco’s social protection reforms and strengthening the resilience of households to the pandemic repercussions.

This project supports Morocco’s response to the pandemic as well as its plans to build a broad, effective and vital safety net system for vulnerable populations, the World Bank said in a statement.

“Morocco has reacted decisively and swiftly to support the most vulnerable during the COVID-19 pandemic and is now accelerating reforms to strengthen its social protection system that we, at the World Bank, are proud to support,” Jesko Hentschel, World Bank Maghreb Country Director was quoted in a World Bank statement as saying.

The World Bank recalled the impact of the coronavirus on poorer households, noting that the pandemic has halted around 712,000 formal sector jobs and at least 4 million jobs in the informal sector.

“The program will finance social assistance to these affected categories and to support the capacity of those most in need to overcome the crisis. This support covers both the emergency cash transfers provided through Morocco’s Covid-19 Special Fund as well as those to be channeled through existing social protection programs,” it said.

“The project fully supports the Government of Morocco’s efforts and ambitions to strengthen its social protection system, by contributing to the Family Allowance rollout as well as improving the governance, digital infrastructure and harmonization of social assistance programs. It also provides for a contingency financing line allowing for a rapid reallocation of the project funds to respond promptly to emergencies in the near future if needed,” the WB statement said.



Share This