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IMF to grant $1.3bn loan to quake-hit Morocco

September 19, 2023 at 7:59 pm

Search and rescue operations continue for people trapped under rubble on the fifth day after 7 magnitude earthquake in Talat N’Yaaqoub town of Marrakesh, Morocco on September 13, 2023 [Said Echarif – Anadolu Agency]

The International Monetary Fund (IMF) will provide Morocco with a $1.3 billion loan following the 8 September earthquake that killed thousands in the North African country, Anadolu Agency reports.

The IMF concluded a staff-level agreement with Morocco to provide $1.3 billion in financing over the long term

IMF Managing Director, Kristalina Georgieva, said in statements cited by the Moroccan state news agency, MAP.

Georgieva said the loan will be used to back Morocco’s efforts “in the face of climate-related risks”.

She, however, said the loan will still need to be approved by the IMF board during its annual meetings in the Moroccan city of Marrakech on 9-15 October.

Morocco was struck by a magnitude 7 earthquake on 8 September, killing nearly 3,000 people and injuring thousands, according to official figures.

Marrakesh, 72km from the quake’s epicentre, suffered some damage in its ancient Madinah quarter from the earthquake, Morocco’s strongest-ever in a century.

Georgieva said the IMF and the World Bank staff are working closely with the Moroccan authorities to “assess Marrakech’s capacity to host the 2023 [IMF-World Bank] Annual Meetings.”

READ: IMF, World Bank to proceed with annual meetings in Morocco