Rabat – The Arab Monetary Fund (AMF) has granted Morocco a loan of 1.637 billion dirhams to shore up the balance of payments and foreign trade with Arab countries and to support the macro-economic strategies undertaken in the Kingdom.
In this connection, two financing agreements were signed, on Monday in Rabat, by Moroccan Minister of Economy and Finance, Nizar Baraka, and the Director General of the FMA, chairman of its Board of Directors, Jassem El Manaï.
The first agreement concerns a loan of 1 billion dirhams, aimed at shoring up Morocco’s balance of payments, while the second concerns a guarantee line of 637.5 million dirhams to finance foreign trade with Arab countries.
Through this loan, “the Arab Monetary Fund supports the government’s strategy aimed, first, at containing the deficit of the balance of payments and strengthening the level of foreign exchange reserves, while supporting the competitiveness of our exports to Arab countries,” Baraka said after the signing ceremony.
For his part, Jassem El Manaï hailed the distinguished relations between the AMF and Morocco, expressing the Fund’s determination to support the various structural and institutional reforms initiated in the Kingdom.
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