Source: Xinhua| 2020-11-05 01:10:23|
Editor: huaxia
The World Bank has granted Morocco a loan of 150 million U.S. dollars to support its Urban Transport Program, official news agency MAP reported Wednesday.
This new financing will “support the Moroccan authorities in maintaining their momentum for reform and to develop enough, affordable transport for the country’s urban population,” MAP quoted Jesko Hentschel, World Bank country director for the Maghreb, as saying.
In June, the World Bank already granted Morocco a loan of 500 million dollars to support its key policy reforms.
According to Morocco’s central bank, the North African country’s economy is expected to contract by 5.2 percent in 2020 because of the repercussions of the COVID-19 pandemic, which will be its worst economic performance since 1996.
Morocco’s government debts will soar to 75.3 percent of GDP in 2020 from 65 percent in 2019 because of the huge financial needs of the public treasury, the central bank noted. Enditem
