Arab Monetary Fund extends $127mln Automatic Loan to Morocco in face of pandemic

Aim to provide financial support to strengthen the Kingdom’s financial position and meet emergency needs, the AMF announced in a statement.

  
Photo used for illustrative purpose only. A view over the rooftops of Tangier, Morocco, shows the city hugging the coastline.

Photo used for illustrative purpose only. A view over the rooftops of Tangier, Morocco, shows the city hugging the coastline.

Getty Images/Pam Susemiehl

ABU DHABI- The Arab Monetary Fund, AMF, has extended a new Automatic Loan to the Kingdom of Morocco, for the amount of Arab Accounting Dinar 30.844 million, or approximately US$127 million.

The agreement was signed earlier this month by Mohamed Benchaaboun, Minister of Economy, Finance, and Administration Reform, on behalf of Morocco, and Dr. Abdulrahman A. Al Hamidy, Director-General Chairman of the Board of Executive Directors of the AMF, on behalf of the AMF, with the aim to provide financial support to strengthen the Kingdom’s financial position and meet emergency needs, the AMF announced in a statement.

The AMF said countries to implement economic, financial and structural reforms, in face of various challenges, via a number of means, including financing the needs of the balance of payments and public budgets, and financing trade through its affiliate the Arab Trade Financing Programme.

"The AMF is also keen to provide financial and technical support to its member countries during this period in particular, in light of the developments taking place due to COVID-19, and the ensuing economic and financial repercussions in different aspects.

"The AMF assistance in this regard comes as a support to the reform efforts of member countries and the measures they are taking to stimulate the economy and provide liquidity in order to contain the negative effects of the virus outbreak," it added.

© Copyright Emirates News Agency (WAM) 2020.


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