The International Monetary Fund agrees to provide Morocco with $415 million in financing to address climate fragility✍️๐๐๐
The International Monetary Fund agrees to provide Morocco with $415 million in financing to address climate fragility✍️๐๐๐
The Executive Board of the International Monetary Fund in Washington approved the disbursement of the second tranche of financing to Morocco as a resilience and sustainability facilitation mechanism, amounting to $415 million.
The International Financial Corporation stated, in a statement issued at the beginning of this week in Washington, that “the authorities continue their strong commitment to Morocco’s transition towards a greener economy.”
The same source added that this new funding raises the total amounts allocated under this program to approximately $747 million.
In September 2023, the Fund’s Executive Board approved financing worth $1.3 billion to Morocco to facilitate resilience and sustainability.
According to the International Monetary Fund, this financing, which extends over 18 months, “will support Morocco’s transition towards a green economy and will contribute to strengthening its preparedness and resilience in the face of natural disasters, especially those related to climate change.”
He pointed out that this financing “will help Morocco confront climate fragility, increase its resilience to climate change and seize opportunities for decarbonization. It will also contribute to strengthening the preparedness of the Moroccan authorities to confront natural disasters and stimulate financing for sustainable development.”
According to the International Monetary Fund, the Resilience and Sustainability Facility mechanism provides long-term financing at a reasonable cost in order to support countries that engage in reforms to reduce the risks surrounding the stability of the balance of payments, especially related to climate change and pandemics.
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