Morocco secures financial package from Arab Monetary Fund
Morocco is to be granted 1.64 billion dirhams ($190 million) in a financial package by the Arab Monetary Fund.
The credit-easting loan is designed to deal with an increasing Balance of Payments (BoP) deficit, along with an overall increase in the cost of living in the North African country, which has seen the price of basic commodities rise dramatically. The package is also said to assist with macro-economic reforms in the Kingdom
“The Arab Monetary Fund supports the government’s strategy that aims to reduce the deficit of the balance of payments and strengthen the level of foreign exchange reserves, while supporting the competitiveness of our exports to Arab countries,” Finance Minister Nizar Baraka was quoted as saying by the state-run Maghreb Press Agency.
Bloomberg reported that 1 billion dirham is to be spent on supporting the BoP deficit, whilst the remaining 64 million is to be spent supporting trade relations between Morocco and Arab states.
- Malnourished economy: global hunger leading to $2 trillion loss in world GDP
- Going green: UAE looks to save Dh6.98b a year by 2030 with renewable energy
- Diversify and dump the slump in the GCC
- Supervising the stoners: Egyptian tobacco traders call for the legalization of cannabis
- Frozen: Arab Spring economies barely trading with one another
- Saudi Arabia shows its financial might with aid for MENA nations
- Egypt secures $216m from Arab Fund for Cairo power plant
- MoF and Arab Monetary Fund announce event programme for the exceptional meeting for the Council of Arab Ministers of Finance
- Global Investment House – Syria Economic & Strategic Outlook I – Monetary Policy and Inflation