Arab Monetary Fund Grants Morocco $127 Million Loan to Combat COVID-19 Economic Impact

According to a statement from the Arab financial institution, the agreement relating to this loan was signed on May 7 by Mohamed Benchaâboun, Minister of Economy, Finance and Public Administration Reform, on behalf of Morocco, and Abdulrahman A. Al Hamidy, CEO of the Board of Directors of the Arab Monetary Fund. The same press release states that "the purpose of the loan is to support the financial situation of the kingdom and meet its urgent financing needs".

The Fund says it is closely monitoring the evolution of the Moroccan economy and the challenges it is facing, due to the global situation caused by the coronavirus pandemic. That is why it says it is working with the Moroccan government, in order to provide the appropriate means to meet these challenges. The press release announces that the AMF is about to complete "the procedures for granting a second loan to the kingdom to support its public finance reform program".

The Arab financial institution is in the habit of studying financing requests from a number of member countries, and is working to complete the procedures in this regard as soon as possible, in order to help them cope with the various challenges, especially those inherent in the economic implications of the coronavirus pandemic. In addition to its key role in coordinating consultations and dialogue on economic development issues, "the AMF also provides financial support, particularly in this period marked by the covid-19 pandemic.