The World Bank announced that it will grant Morocco a $450 million loan to promote financial and digital inclusion.
Yesterday, Monday, a statement by the World Bank stated that its Board of Executive Directors approved, on March 31, a third financing “for development policy purposes, at a value of $450 million, with the aim of enhancing financial and digital inclusion, in addition to the previous two financing.”
The Executive Board of the International Monetary Fund also approved a two-year agreement with Morocco under the flexible credit line, which is designed for crisis prevention purposes, at a value of about $5 billion.
The agreement will boost Morocco’s external precautionary reserves and provide guarantees against any potential extreme risks on a temporary basis, according to MAP.
Since 2012, Morocco has benefited from 4 consecutive agreements under the Precautionary and Liquidity Line, each amounting to about $3 billion.
The first approval of the Precautionary and Liquidity Line was on August 3, 2012, and approvals for the three additional agreements were on July 28, 2014, July 22, 2016, and December 17, 2018.
The term of the fourth agreement under the Precautionary and Liquidity Line expired on April 7, 2020, when the authorities purchased all available resources under the Precautionary and Liquidity Line to limit the social and economic impact of the COVID-19 pandemic, and to allow Morocco to maintain an adequate level of official reserves to relieve pressures on the balance of payments.
This article was originally published by RT.