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IMF Approves $1.32bln Loan to Morocco to Address Climate Risks

The International Monetary Fund (IMF) has approved a $1.32 billion to Morocco under the Resilience and Sustainability Facility (RSF) to address climate vulnerabilities.

The 18-month RSF arrangement will bolster Morocco’s resilience against climate change and seize the opportunities from decarbonisation.

The facility will further help the authorities strengthen preparedness for natural catastrophes and stimulate financing for sustainable development.

The arrangement would coincide with the remaining 18 months under the FCL arrangement approved in April 2023.

In September, African Development Bank (AfDB) President Dr Akinwumi Adesina said the rechanneling of the International Monetary Fund’s (IMF) $25 billion special drawing rights (SDRs) from donor countries to multilateral development banks will create $100 billion in additional financing for Africa.

Source : Zawya