IMF to Grant Morocco $1.3 Billion Climate Resilience Loan

$1.3 billion. This is the loan that the IMF wants to grant to Morocco. In an exclusive interview with the Reuters agency, Kristalina Georgieva, Managing Director of the IMF, said that her institution has reached an agreement with Morocco to grant it a $1.3 billion loan, from the new Resilience and Sustainability Trust. This loan will be used to strengthen the kingdom’s resilience to climate shocks, including drought. She added that the IMF’s Board of Directors would have to approve this loan, but that the review by the Board would likely take place in about two weeks, before the start of the annual meetings.

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Regarding the IMF and World Bank (WB) annual meetings which should take place from October 9 to 15, 2023 on the outskirts of the city, near Marrakech airport, which was not affected by the devastating earthquake, Kristalina Georgieva indicated that the two Bretton Woods institutions will decide on Monday on the holding of these meetings in the ochre city, after having carried out a "thorough examination" of Morocco’s ability to host the meetings.

On the Moroccan side, the Moroccan authorities are insisting with the IMF and the World Bank that these meetings, which should bring together between 10,000 and 15,000 people in the ochre city, take place. "The Moroccan authorities are fully committed to the meetings," said Kristalina Georgieva. In her discussions with Moroccan Prime Minister Aziz Akhannouch, she indicated that the two Bretton Woods institutions "do not want to be a burden" on the country in the context of its post-earthquake reconstruction efforts.