AMF Grants US$ 127 Million Loan to Morocco

Abu Dhabi – The Arab Monetary Fund (AMF) has granted Morocco a loan of US$127 million to meet current challenges.

The AMF “granted a new automatic loan to the Kingdom of Morocco, amounting to 30,844 million Arab Accounting Dinars, i.e. the equivalent of 127 million US dollars”, said Wednesday, a statement by the Arab financial institution.

 It added that the agreement relating to this loan was signed on May 7 by Mohamed Benchaaboun, minister of Economy, Finance and Administration Reform, on behalf of the Kingdom of Morocco, and Abdulrahman A. Al Hamidy, Director General Chairman of the Board in the AMF, on behalf of the Fund, noting that the objective of the loan is to support the Kingdom’s financial situation and meet its urgent financing needs.

 In this regard, the statement underlined that the Fund is closely following the evolution of the Moroccan economy and the challenges it faces, given the current circumstances, and is working within the framework of its fruitful collaboration with the Moroccan government to provide the appropriate means to meet these challenges, announcing that the AMF is about to complete the procedures for granting a second loan to the Kingdom in support of its public finance sector reform program.

Source: Agency Morocaine De Presse

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