International Monetary Fund approves $5bn loan to Morocco

Washington, 4 April. The International Monetary Fund (IMF) has approved a financing agreement with Morocco, Arab media write.

The IMF Executive Board approved the issuance of $ 5 billion for insurance against potential risks in the North African state. The document was signed by IMF Director General Kristalina Georgieva and the Moroccan Ministry of Finance, and the funds will be available within two years.

“Morocco received the credit line due to its economic ‘policy’, very strong financial foundations and its unwavering commitment to maintain these policies in the future,” the statement said.

The decision of the international financial organization provides for assistance to the North African state in overcoming economic crises marked by inflation and global problems that have led to a sharp increase in commodity prices. In addition, the loan will have “very flexible” terms and a low interest rate.

At the signing of the agreement, the parties discussed a number of issues, including the level of debt, the financial situation and structural reforms carried out by the Moroccan government to improve long-term material stability.

Previously, the implementation of the policy of the International Monetary Fund in Sudan was a direct cause of rising prices in local markets against the backdrop of exorbitant taxes and fees levied on citizens.