Morocco secures financial package from Arab Monetary Fund
Major donors fear unrest if Morocco doesn't deal with the cost of living
Click here to add Arab Monetary Fund as an alert
Disable alert for Arab Monetary Fund,
Click here to add Bloomberg as an alert
Disable alert for Bloomberg,
Click here to add Maghreb Press Agency as an alert
Disable alert for Maghreb Press Agency,
Click here to add Nizar Baraka as an alert
Disable alert for Nizar Baraka
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.
- Al Tayer bucks the US department store trend with Bloomingdale's Kuwait opening
- Gulf Islamic banks set to outperform conventional banks for second year: Moody's
- Jordan secures EU finance for socioeconomic and environmental programs
- Same-day service deliveries in GCC an untapped market: Wing CEO
- Will terror attacks damper Arabs' appetite for European holidays?
- The new pampered child to replace Egypt? Qatar okays $1.25 billion aid package to Morocco
- Saudi Arabia shows its financial might with aid for MENA nations
- Arab Monetary Fund grants Lebanon another $15 million loan
- 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