IMF Gives Morocco $1.3 Billion Loan To Mitigate Earthquake Loss

The International Monetary Fund’s executive board on Thursday approved $1.3 billion in an 18-month arrangement for Morocco.

IMF will be rolling out the programme under its Resilience and Sustainability Facility.

The arrangement will “help Morocco address climate vulnerabilities, bolster its resilience against climate change, and seize the opportunities from decarbonisation”, the Washington-based lender said in a statement.

The funds will also help Morocco to “strengthen preparedness for natural catastrophes and stimulate financing for sustainable development”, it said.

The 6.8-magnitude quake on September 8 was the country’s deadliest in more than 60 years. More than 3,000 people were killed.

Morocco plans to spend $11.7 billion in a post-earthquake reconstruction programme over the next five years, the Royal Palace said on September 20.

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