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HomeAfricaArab Monetary Fund gives Morocco US$200m loan

Arab Monetary Fund gives Morocco US$200m loan

The Arab Monetary Fund (AMF) has granted Morocco a US$200 million loan to shore up its foreign trade and macroeconomic strategies, Morocco’s Ministry of Finance said in a statement.

The loan includes US$120 million to support the balance of payment and US$80 million to finance foreign trade with Arab countries.

Through the loan, the AMF supports the Moroccan government’s strategy to check deficit and strengthen foreign reserves, while ensuring competitiveness of the country’s exports to other Arab countries, Moroccan Minister of Economy and Finance Nizar Baraka said after signing the financing agreement with AMF Director General Jassem El Manai.

Established on 27 April 1976 in Rabat, Morocco, by the Economic Council of the League of Arab States, AMF aims to, among others, remedy payment imbalance and stabilise exchange rates.

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