IMF to loan Morocco $1.3 billion to aid in tackling climate resilience, as KSA sends more aid

A resident sits in the shade of an umbrella near a mosque and buildings damaged by the September 8 earthquake in the village of Moulay Brahim in al-Haouz province in the High Atlas mountains of central Morocco on September 11, 2023. The 6.8-magnitude quake struck the Atlas mountains late on September 8 southwest of the tourist centre of Marrakesh. It killed almost 2,500 people and injured a similar number, according to the latest official toll issued on September 11. (Photo by PHILIPPE LOPEZ / AFP)

NAIROBI, Kenya - The International Monetary Fund (IMF) has reached a staff-level agreement with Morocco for a $1.3 billion loan. The money will be injected into climate-related projects and enhance the country’s overall financial capacity.

According to the Morocco State Media, the new financing will be provided as part of the Resilience and Sustainability Facility (RSF), a lending mechanism launched by the IMF in 2022 to assist low- and middle-income countries in addressing long-term structural challenges such as climate change.

As a reminder, the latest official report on the magnitude 7 earthquake that hit the Moroccan province of Al-Haouz, south of Marrakech, reports more than 3,000 deaths and nearly 6,000 injuries. Additionally, infrastructure such as roads, schools, hospitals, and around 50,000 homes were partially or destroyed, according to authorities.

This loan facility comes at a time when the Kingdom of Saudi Arabia has sent a fourth Saudi relief plane carrying 90 tons of food and shelter to be distributed to those affected by the floods in Libya departed from Riyadh on Tuesday.

A specialized team from the King Salman Humanitarian Aid and Relief Center will supervise the aid delivery process in coordination with the Libyan Red Crescent.

The massive flood that is believed to have killed as many as 4,000 to 11,000 people – possibly more – with thousands unaccounted for came as the war-scarred North African country was lashed by the hurricane-strength Storm Daniel earlier this month.

The UN agencies warn that traumatized residents, 30,000 of whom are now homeless, badly need clean water, food, and basic supplies amid a growing risk of cholera, diarrhea, dehydration, and malnutrition.

GAROWE ONLINE