IMF offers Morocco $1.3 bln loan to face climate risks

The International Monetary Fund will lend Morocco $1.3 bln to help the country fend off climate change risks, Morocco’s news agency reported.

“The IMF concluded a staff-level agreement with Morocco to provide $1.3 billion in financing over the long term,” the agency said, citing IMF chief Kristalina Georgieva.

Georgieva made the announcement during her participation at the 78th session of the United Nations General Assembly.

Earlier this year, the IMF backed Morocco’s request for a $5 billion flexible credit line that Rabat said will treat as precautionary against external shocks.