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Morocco secures $1.3bn IMF loan to boost climate resilience

Monday, 18 September 2023 21:14
Morocco secures $1.3bn IMF loan to boost climate resilience

(Ecofin Agency) - Although not directly linked to the violent earthquake that shook the country, the funding is aimed at strengthening Morocco's resilience to climate-related disasters and consolidating its overall financial capacity.

The International Monetary Fund (IMF) has reached a staff-level agreement with Morocco for a $1.3 billion loan. The money will be injected into climate-related projects and enhance the country’s overall financial capacity, according to information relayed by Reuters.

The new financing will be provided as part of the Resilience and Sustainability Facility (RSF), a lending mechanism launched by the IMF in 2022 to assist low- and middle-income countries in addressing long-term structural challenges such as climate change.

As a reminder, the latest official report on the magnitude 7 earthquake that hit the Moroccan province of Al-Haouz, south of Marrakech, reports more than 3,000 deaths and nearly 6,000 injuries. Additionally, infrastructure such as roads, schools, hospitals, and around 50,000 homes were partially or completely destroyed, according to authorities.

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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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