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.